"( ( ( ( Warner Bros. DiscoveryNASDAQ:WBD) has been the subject of an intense bidding war pitting Paramount SkydanceNASDAQ:PSKY) against NetflixNASDAQ:NFLX) and ComcastNASDAQ:CMCSA) across several rounds of bids. The TV, movie studio, and streaming outfit ultimately accepted Netflix's cash-and-stock offer valued at $72 billion for its streaming and studio business, including HBO Max and Warner Bros. film and TV operations. This deal, announced last Friday, left the company's cable networks like CNN and TNT slated for a spinoff as Discovery Global."
"Paramount's move marks a dramatic escalation. The company announced a board-approved, fully financed all-cash tender offer of $30 per share for all outstanding shares of Warner Bros. Discovery, valuing the entire enterprise at approximately $108 billion. This tops Netflix's bid by a wide margin - delivering shareholders an extra $18 billion in total value, according to Paramount's filing. To back the offer, Paramount secured $54 billion in debt commitments from Bank of America, Citi, and Apollo Global Management,"
A multi-round bidding war for Warner Bros. Discovery featured Paramount, Netflix, and Comcast competing for control. Netflix reached a cash-and-stock agreement valued at $72 billion for the streaming and studio assets, with cable networks earmarked for a spinoff as Discovery Global. Paramount responded with a hostile, board-approved all-cash tender offer of $30 per share valuing the entire company at about $108 billion. Paramount arranged $54 billion in debt commitments from major banks and secured equity backers including the Ellison family, RedBird, sovereign wealth funds, and Affinity Partners. Paramount filed for antitrust clearance and signaled intent to move quickly.
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