"Hollywood's latest high-drama battle of the titans: Paramount versus Netflix. David Ellison's Paramount made a hostile bid for Warner Bros. Discovery after WBD rebuffed its multiple offers and accepted Netflix's offer to buy its studio and streaming business. This means Ellison, who is backed by his billionaire father, Larry Ellison of Oracle, is making his case directly to shareholders on why he'd be the best owner for WBD."
"Financials: Paramount offered $30 per WBD share for all of WBD, compared to Netflix's offer of $27.75 per WBD share for its streaming and studios business, excluding its TV networks, such as CNN and TNT. While Netflix's offer was a mix of cash and stock, Ellison emphasized that Paramount's offer is all cash, and $17.6 billion more than the Netflix deal, an $82.7 billion offer that includes $72 billion in equity."
"Netflix didn't respond to the hostile bid but has said that by combining its streaming hits with WBD's classic library and prestige HBO fare, it can supercharge its offering. "Together, we can give audiences around the world even more value and choice, and get one step closer to being the most loved and the most valued entertainment company," Netflix co-CEO Ted Sarandos said in announcing the deal Friday."
Paramount Skydance launched a hostile, all-cash bid to acquire Warner Bros. Discovery, offering $30 per share and asserting its proposal is $17.6 billion higher than Netflix's competing bid. Netflix agreed to buy WBD's studios and streaming business for $27.75 per share in a mix of cash and stock and emphasized combining its streaming hits with WBD's classic library and HBO content. Paramount argued its offer provides faster regulatory certainty, stronger protections for Hollywood jobs and creative talent, and promotes competition. Netflix highlighted expanded global value, choice, and an enhanced entertainment platform through merged catalogs.
Read at Business Insider
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