Paramount Skydance executives have reportedly held discussions with French President Emmanuel Macron as part of a broader European outreach aimed at securing support for its substantial bid to acquire Warner Bros. Discovery. This move comes as Paramount intensifies its efforts to challenge a rival offer from Netflix and navigate potential regulatory landscapes across the Atlantic.
Senior executives from Paramount Skydance have engaged in talks with President Macron and other high-ranking French officials. This diplomatic effort is seen as a strategic move to garner favor and potentially ease the path for its acquisition of Warner Bros. Discovery, a deal valued at approximately $108.4 billion. The company is also reportedly meeting with officials from the European Commission, anticipating significant regulatory scrutiny from both U.S. and European authorities should a deal be finalized.
The pursuit of Warner Bros. Discovery has become increasingly contentious. Warner Bros. Discovery has twice rejected Paramount’s offer, deeming it “inadequate” and citing “numerous, significant risks and costs.” In contrast, the company views Netflix’s offer as having a “clear path to close” with regulators. Paramount, backed by billionaire Larry Ellison, has pledged substantial financial backing, including a personal guarantee of $40.4 billion from Ellison and a $5.8 billion payment if the transaction fails.
Adding another layer to the takeover saga, Paramount announced its intention to launch a proxy fight. The company plans to nominate its own slate of directors at Warner Bros. Discovery’s upcoming annual meeting. Paramount CEO David Ellison argues that the current Warner Bros. Discovery board has “shirked its duty” by recommending shareholders approve Netflix’s takeover, asserting that Paramount’s offer is superior and should be pursued.
Paramount has also engaged in legal battles, recently demanding that Warner Bros. Discovery provide further justification for favoring Netflix’s bid. However, a Delaware court rejected Paramount’s demand, with Warner Bros. Discovery characterizing the lawsuit as an “unserious attempt to distract.” Despite this setback, Paramount has indicated it will continue to seek more information regarding Warner Bros. Discovery’s decision-making process.
Paramount’s executives also met with UK culture Secretary Lisa Nandy on Thursday, further underscoring the company’s broad engagement with European political figures as the high-stakes acquisition battle unfolds.