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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What To Know As Paramount Skydance Poised To Buy Warner Bros. Discovery After Netflix Drops Bid
The bidding war over one of Hollywood’s major studios is ending. After months of back-and-forth bids, threats of hostile takeover and even political intrigue, two of the entertainment industry’s leading studios will soon merge. The deal is being met with mixed reactions within the entertainment industry and could have major repercussions for news coverage as well. Netflix drops out of bidding war for WBD, opening the way for Paramount to purchas…
NEW YORK (AP) — Netflix has withdrawn its bid to buy Warner Bros. Discovery's studio and streaming business, a surprising move that effectively puts Paramount in a position to acquire its longtime rival…
Announced at the beginning of December, Netflix's acquisition of Warner Bros is unlikely to happen. The streaming platform does not want to align with Paramount's latest offer of $110 billion.
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