Matt Levine’s Money Stuff: The Warner Deal Will Take a While (Correct)

Warner wars

It’s perhaps worth saying that Paramount Skydance Corp.’s tender offer for Warner Bros. Discovery Inc. is not exactly a classic hostile tender offer. Warner has signed a merger agreement with Netflix Inc., in which Netflix would buy most of Warner for about $27.75 per share in cash and stock, leaving Warner’s shareholders with a bit of the company worth somewhere between $1 and $5 per share. That merger will take a long time to complete. For one thing, Warner’s shareholders have to vote on it, which means that Netflix and Warner need to put together a proxy statement and ...