US EditionNetflix ditches deal for Warner Bros. Discovery after Paramount’s offer is deemed superior
Paramount Skydance’s $111 billion bid deemed superior by Warner Bros. board, with Netflix declining to increase its $82.7 billion offer citing financial unattractiveness.
- 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 $7 billion regulatory termination fee, also agreeing to an accelerated ticking fee that Warner’s board called a company superior proposal.
- Backed by Larry Ellison and foreign sovereign funds, Paramount is financing its revised offer by taking on billions of dollars in debt, aiming to acquire Warner’s assets including CNN and major titles.
- The U.S. Department of Justice has opened reviews of the proposed deal, while lawmakers and entertainment trade groups warned consolidation could cost jobs and reduce filmmaking diversity.
- A Paramount-Warner combination would merge two legacy studios and vast content libraries, reshaping Hollywood and drawing political scrutiny due to Larry Ellison's backing and reported ties to President Donald Trump.
292 Articles
292 Articles
Warner's Council that rejected all Ellison's offers, for months on end, said a US$ 111 bi proposal is higher
Streaming service Netflix will not increase its bid to acquire American entertainment giant Warner Bros. Discovery. This paves the way for an acquisition by another major media giant in the United States: Paramount Skydance. If the deal is approved, it could drastically change the US media landscape.
Netflix stated on Thursday 26 February that it refused to raise its offer to buy the film and television group Warner Bros Discovery (WBD) against that of its competitor Paramount Skydance. The streaming giant now believes that the operation is no longer financially attractive, officializing a major hit in this rebounding issue that has lasted for more than five months.
Paramount went out victorious in the battle for Warner Bros for several months. Discovery, after Netflix retreated on Thursday, leaving Paramount in position to buy Warner's vast average empire, including CNN, writes News.ro.
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