"Netflix is now offering to buy Warner Bros. Discovery's studio and streaming business in all cash in an effort to win over the Hollywood giant's shareholders for its $72 billion merger and potentially thwart a hostile bid from Skydance-owned Paramount. Back in December, Netflix struck a cash and stock deal with Warner valued at $27.75 per share, giving it a total enterprise value of $82.7 billion, including debt."
"Warner leadership has repeatedly backed a merger with Netflix and the boards of both companies approved the all-cash deal announced Tuesday. In a statement, Warner CEO David Zaslav said the revised agreement brings us even closer to combining two of the greatest storytelling companies in the world. A spokesperson for Paramount declined to comment when reached by The Associated Press on Tuesday."
"Unlike Netflix, Paramount wants to acquire Warner's entire company including networks like CNN and Discovery and went straight to shareholders with all cash, $77.9 billion offer last month. Warner stockholders have until 5 p.m. ET Wednesday to tender their shares in support of Paramount's bid, which has an enterprise value of $108 billion including debt. But that deadline could be pushed back further."
Netflix offered to acquire Warner Bros. Discovery's studio and streaming business in an all-cash transaction aimed at winning Warner shareholders and countering Paramount's hostile bid. The deal preserves the $27.75 per-share valuation and seeks to simplify the structure, provide greater certainty for Warner stockholders, and accelerate a shareholder vote possibly by April. Warner stockholders would also receive shares of Discovery Global after its separation into a standalone public company. Warner leadership and both boards approved the revised agreement. Paramount previously submitted a separate all-cash $77.9 billion offer for Warner's entire company and initiated a shareholder tender campaign.
Read at www.mercurynews.com
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