US EditionNetflix ditches deal for Warner Bros. Discovery after Paramount’s offer is deemed superior
Paramount’s $31-per-share offer includes a $7 billion reverse termination fee, making it the preferred bid over Netflix for Warner Bros. Discovery, the board said.
- 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.
124 Articles
124 Articles
Netflix walks away from Warner Bros deal, clearing path for Paramount takeover
On Thursday, after Warner’s board announced that Skydance-owned Paramount’s offer was superior to the agreement it had previously struck with Netflix, the streaming giant said the new price it would have to pay to acquire Warner would make the deal “no longer financially attractive.”
Netflix declined to match Paramount Skydance’s offer by Warner Bros. Discovery. The historic studio and CNN will change hands in a $108 billion operation.
American film and television producer Warner Bros. appears poised to be acquired by rival Paramount after all. Netflix has withdrawn from the acquisition battle. Netflix has announced it will not submit a higher bid. Netflix was originally slated to acquire Warner Bros., as was revealed late last year, but Paramount quickly joined the fray. According to the Warner Bros. board of directors, Paramount has now submitted a "superior offer" to Discov…
Netflix declines to raise offer for Warner, paving way for Paramount takeover
Netflix has declined to raise its offer to buy Warner Bros Discovery's studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over the fellow storied Hollywood giant.
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