US EditionNetflix ditches deal for Warner Bros. Discovery after Paramount’s offer is deemed superior
- On Thursday, Netflix declined to raise its offer for Warner Bros. Discovery's studio and streaming arm, saying matching Paramount would be `no longer financially attractive` after Warner’s board labeled Paramount’s proposal superior.
- Paramount raised its bid to $31 per share and added a $7 billion regulatory termination fee, also agreeing to an accelerated ticking fee that Warner’s board called a company superior proposal.
- Backed by Larry Ellison and foreign sovereign funds, Paramount is financing its revised offer by taking on billions of dollars in debt, aiming to acquire Warner’s assets including CNN and major titles.
- The U.S. Department of Justice has opened reviews of the proposed deal, while lawmakers and entertainment trade groups warned consolidation could cost jobs and reduce filmmaking diversity.
- A Paramount-Warner combination would merge two legacy studios and vast content libraries, reshaping Hollywood and drawing political scrutiny due to Larry Ellison's backing and reported ties to President Donald Trump.
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This paved the way for Paramount Skydance. However, the Warner Bros. board of directors maintained its recommendation to shareholders to support Netflix.
Netflix, Paramount shares jump as months-long fight for Warner Bros ends
Feb 27 : Netflix jumped more than 9 per cent premarket on Friday as investors cheered its decision to exit the fight for Warner Bros Discovery, while Paramount rose about 10 per cent on winning the race for some of the world's most prized TV and film assets.The end of the months-long bidding war put the focus
Netflix backs out of bid for Warner Bros., paving way for an Ellison takeover
Netflix said Thursday that it had backed away from its deal to acquire Warner Bros. Discovery, a stunning development that paves the way for the storied Hollywood media giant to end up under the control of a rival bidder, technology heir David Ellison.
Netflix walks away, Paramount to become new owners of Warner Bros. Here is what to know
Netflix’s initial offer had valued the Warner Bros business at $82.7 billion, while Paramount’s valuation of the combined business stood at $108 billion. Any resulting media deal was long guaranteed to become one of the biggest ever in history.
Warner's Council that rejected all Ellison's offers, for months on end, said a US$ 111 bi proposal is higher
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