US EditionNetflix ditches deal for Warner Bros. Discovery after Paramount’s offer is deemed superior
Paramount Skydance’s $31-per-share bid tops Netflix’s $27 offer, deemed superior by Warner Bros. board, shifting the acquisition race amid regulatory reviews and financial concerns.
- 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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524 Articles
Associated Press News
The end of Hollywood or a brighter future? What a Paramount-owned Warner Bros. means for the movies
Paramount is set to buy Warner Bros. Discovery after Netflix dropped out of bidding, setting up another major Hollywood merger.
NASCAR Broadcasting to Move to CBS as Paramount Hands $111B Check to Warner Bros.?
Netflix dropped a major update earlier this week, announcing it was no longer acquiring Warner Bros. While this affected some major broadcasts, NASCAR might be on the way to getting a huge update regarding its streaming. This could mean that the races could be moved to a completely different broadcaster, with Paramount reportedly making a $111 billion bid for the production giant. NASCAR on CBS? After Netflix dropped the $80 billion deal to purc…
Netflix investors cheer decision to drop Warner Bros. fight
By Christopher Palmeri, Bloomberg Netflix Inc. just won by losing. Shares of the streaming industry leader rose as much as 12% in New York Friday after the company announced it was dropping out of the fight to buy Warner Bros. Discovery Inc. The decision prompted a sigh of relief from investors who worried that Netflix, a company that rewrote the rules of movies and TV, would end up overpaying billions of dollars to become another me-too Hollywo…
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