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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NEW YORK (AP) — Netflix has withdrawn its bid to buy Warner Bros.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…
"The transaction we negotiated would have created value for shareholders" (ANSA)
Paramount’s improved offer, close to $111 billion and entirely in cash, ended up tilting the balance in its favor and opened the door to one of the largest consolidation operations in the recent history of entertainment. The increase in the price per share, along with more attractive financial conditions (such as high compensation in case of regulatory blocking), convinced Warner Bros. Discovery’s board to support the merger. According to The Ne…
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