"Paramount, which already owns a top movie studio (Paramount Pictures), a major streamer (Paramount+), a broadcaster (CBS) and a slew of cable networks, has submitted a bid for all of WBD, including its cable channels like CNN and TBS. Netflix - which doesn't own a movie studio or TV networks, but has one of the largest subscription streaming bases in the world - submitted a bid solely for WBD's streaming and studio businesses."
"Catch up quick: Before the deal talks, WBD's stock had languished amid a challenging environment for traditional media companies. Last month, the company said it would consider a sale while continuing to pursue a possible split that would separate its streaming and studio assets from its cable division. A split, the firm has argued, would create more shareholder value than keeping its assets together."
WBD's board set a deadline for takeover bids and received proposals from Paramount, Netflix, and Comcast. Paramount offered to buy the entire company, including cable channels such as CNN and TBS. Netflix and Comcast each bid only for WBD's streaming and studio businesses. WBD had previously signaled that it might pursue a sale while exploring a split to separate streaming and studio assets from cable. The company argued that a split could unlock greater shareholder value, and the board must now assess whether takeover bids would deliver more value than a separation strategy.
Read at Axios
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