"Netflix Inc. co-Chief Executive Officers Greg Peters and Ted Sarandos tried to reassure employees' concerns about the company's bid for much of Warner Bros. Discovery Inc., reiterating that there is no business overlap and therefore won't be any studio closures. "This is going to be a complex process over the next year or so," the executives said in a letter posted to the company's internal blog and published in a securities filing."
"Netflix's $82.7 billion bid for Warner Bros. streaming and studios businesses was agreed to by the Warner Bros. board but Paramount Skydance Corp. has swooped in with a hostile $108 billion bid for the entire company. The Warner Bros. board is expected to respond to Paramount's offer by the end of the week, and Paramount has indicated that it may not be its best and final bid."
""I would not be surprised to see a higher bid from Paramount, and I think there would be a good case for a $33-per-share offer," said Alex Fitch, a fund manager at Harris Associates, which holds a $2.85 billion stake in Warner Bros. Harris estimates that the Warner Bros. linear assets, which include cable networks like CNN, TNT and Discovery, could be worth as much as $3.50 a share, Fitch said."
Netflix made an $82.7 billion bid for Warner Bros.' streaming and studios businesses. Paramount Skydance launched a hostile $108 billion bid for the entire company and indicated the offer may increase. Netflix reassured employees that there is no business overlap with Warner Bros. and pledged no studio closures as part of the acquisition plan. Netflix framed the transaction as a growth move that strengthens studios, supports jobs, and ensures a healthy future for film and TV production. The company described the process as complex and likely to take about a year. Analysts estimate Warner Bros. linear assets could add significant value per share.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]