"Paramount Skydance on Monday launched a hostile bid worth $108.4 billion US for Warner Bros. Discovery, throwing a wrench into the deal with Netflix in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant. Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections."
"Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72-billion equity deal for Warner Bros. Discovery's TV, film studios and streaming assets. That offer, which is worth $82.7 billion including debt and comes with a $5.8-billion breakup fee from Netflix, is likely to face strong antitrust scrutiny. U.S. President Donald Trump told reporters on Sunday evening before an event at the Kennedy Center in Washington, D.C., that a Netflix-Warner Bros. combination could raise market share concerns for regulators."
Paramount Skydance launched a $108.4 billion hostile bid to acquire Warner Bros. Discovery, attempting to disrupt a competing Netflix deal. Paramount offered $30 per share for the whole company, versus Netflix's nearly $28-per-share offer for Warner's assets. Netflix secured a $72-billion equity agreement for Warner's TV, film and streaming units, valued at $82.7 billion including debt and carrying a $5.8-billion breakup fee. The Netflix proposal faces potential antitrust scrutiny and criticism from lawmakers, unions and movie theatre companies over possible job cuts and higher consumer prices. Paramount reported multiple rejected offers dating to September and signaled concern about bias in the bidding process.
Read at www.cbc.ca
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