"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid."
"Netflix's shares have surged by 8.5% in after hours trading, suggesting relief that the streaming company has not risked overpaying for Warner Bros. Netflix's shares had fallen by almost a third over the last six months."
"This clears way for Paramount to win WBD's assets, including Warner Bros, the studio behind franchises including Harry Potter, Superman and Batman, as well as HBO, home to shows including Game of Thrones, The White Lotus and Succession."
Netflix has exited the bidding war for Warner Bros Discovery, declining to match Paramount Skydance's increased takeover offer of $31 per share compared to Netflix's previous bid of $27.75 per share for streaming and studio assets. Netflix stated the deal no longer represented financial value at the required price. This decision clears the path for Paramount to acquire Warner Bros Discovery's extensive portfolio, including the Warner Bros studio with franchises like Harry Potter, Superman, and Batman, plus HBO's premium content library. Netflix's stock surged 8.5% in after-hours trading, reflecting investor relief at avoiding potential overpayment. The combined entity would give Paramount significant media industry influence, though regulatory approval remains necessary before finalization.
#media-acquisition #streaming-industry #corporate-bidding-war #netflix-vs-paramount #warner-bros-discovery
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]