""We strongly believe that Netflix and Warner Bros. joining forces will offer consumers more choice and value, allow the creative community to reach even more audiences with our combined distribution and fuel our long-term growth," Warner Bros. said Wednesday. "We made this deal because their deep portfolio of iconic franchises, expansive library and strong studio capabilities will complement not duplicate our existing business.""
"Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favoured by the board of Warner Bros. Paramount is offering $30 US per Warner share to Netflix's $27.75 US. Paramount's bid isn't off the table altogether. While Wednesday's letter to shareholders means Paramount's is not the offer favoured by the board at Warner Bros., shareholders can still decide to tender their shares in favour of Paramount's offer for the entire company including cable stalwarts CNN and Discovery."
Warner Bros. is urging shareholders to reject Paramount Skydance's takeover bid and favor a proposed deal with Netflix, arguing the Netflix combination will offer consumers more choice and value and expand creative reach. Netflix's offer is $27.75 per share and excludes Warner's cable operations; Paramount's hostile bid offers $30 per share and includes cable assets such as CNN and Discovery. Warner says Netflix's deep portfolio and studio capabilities will complement Warner's existing business. Paramount has affirmed its higher cash offer and urged shareholders to accept what it calls a superior offer. Any acquisition would require regulatory approval and shareholder consent.
Read at www.cbc.ca
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