"Instead, the board is standing by its original plan: an $82.7 billion deal with Netflix. That agreement, accepted by the board in early December, would see the streaming giant buy most of Warner Bros., including its film studio and franchises ("Harry Potter," "Dune," DC Comics brands like "Superman" and "Batman") as well as premium TV network HBO, home to hit shows like "Game of Thrones" and "The White Lotus.""
"Despite Paramount's higher bid, Warner Bros.' board sees Netflix as the safer option. That confidence is reflected in the unusually large "kill fees" attached to the deal. If Warner Bros.' shareholders reject the Netflix agreement, or if the company accepts a rival offer, Warner Bros. would have to pay Netflix $2.8 billion. If the deal is blocked by antitrust regulators or fails to win approval from Netflix shareholders, the streamer would owe Warner Bros. a $5.8 billion breakup fee."
Warner Bros.' board advised shareholders to reject Paramount Skydance's $108 billion hostile takeover and to proceed with an $82.7 billion sale of most assets to Netflix. Netflix would acquire the film studio, major franchises such as Harry Potter, Dune and DC Comics characters, and premium network HBO with hit series including Game of Thrones and The White Lotus. Netflix will not acquire legacy cable channels including CNN, Discovery and Cartoon Network; those channels and a large portion of the company's debt are slated for a spin-off. The Netflix agreement includes sizable kill and breakup fees reflecting regulatory and shareholder risks.
Read at www.dw.com
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