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Warner Bros signs $110 billion deal with Paramount, its executive discloses in townhall
The $110 billion acquisition includes $29 billion debt and aims to combine major studios and streaming services, creating one of the world's largest film studios.
- On Friday, Warner Bros Discovery agreed to be acquired by Paramount Skydance in a $110 billion deal signed this morning after Netflix declined to match Paramount's $31-per-share offer, Warner Bros chief revenue and strategy officer Bruce Campbell said.
- Paramount pursued Warner Bros since late last year with a hostile campaign led by David Ellison, son of Larry Ellison, and pressured by activist investor Ancora Holdings.
- The deal includes about $29 billion in debt, and Paramount agreed to pay the $2.8 billion termination fee Warner Bros owes Netflix, while raising its regulatory-failure fee to $7 billion.
- Lawmakers warned the acquisition could reduce choices and raise prices, while cinema operators cautioned about job losses and fewer theatrical releases; California AG Bonta said the state is investigating and will be `vigorous` in its review.
- Reuters said EU antitrust approval is expected to be relatively straightforward with minor divestments likely, and the deal positions Paramount to combine HBO Max and Paramount+ to bolster streaming against Netflix.
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Two of the oldest Hollywood studios will be merged into one after Warner Bros. has approved Paramount's recent takeover bid.
·Berlin, Germany
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Warner Bros. Discovery signs merger agreement with Paramount Skydance
Warner Bros. Discovery on Friday formally signed an agreement to be acquired by Paramount Skydance, the two companies announced, setting the stage for one of the most consequential media mergers in recent history
·United States
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Associated Press News+2 Reposted by 2 other sources
CNN chief prescribes calm after staff anxiety over Paramount's expected purchase of parent company
Shortly after it became known that Paramount was the apparent victor in the competition to buy CNN's parent company, network president Mark Thompson was compelled to send his staff a note to calm down, in effect.
·United States
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Coverage Details
Total News Sources30
Leaning Left6Leaning Right5Center14Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 24%
C 56%
R 20%
Factuality
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