"What's the backstory? Back in early September, initial reports emerged that Paramount Skydance was preparing a bid to buy Warner Bros. Discovery, one of its rivals. The following month, Warner Bros. Discovery confirmed that it was open to a potential sale in a press release, sharing that it had received "unsolicited interest from multiple parties for the entire company." Paramount Skydance and Netflix were two of the top contenders identified for the deal."
"In late October, Reuters reported that Ellison's initial $60 billion approach offer was rejected by Warner Bros. Discovery, though analysts still pegged Paramount Skydance as the most likely victor in the bidding wars. Then, on December 5, Netflix and Warner Bros. came forward to announce a deal in which Netflix would purchase the legendary Hollywood studio, along with its HBO Max and HBO divisions, for a total enterprise value of approximately $82.7 billion (which Netflix says has an equity value of $72.0 billion)."
On December 5, Netflix announced a deal to acquire Warner Bros., including HBO Max and HBO, for an enterprise value of approximately $82.7 billion. Paramount Skydance had been preparing a bid since at least September and earlier offered about $60 billion, an approach that Reuters reported Warner Bros. Discovery rejected in late October. Warner Bros. Discovery confirmed receiving unsolicited interest from multiple parties for the entire company. Paramount Skydance, led by David Ellison and fresh from a recent merger, countered Netflix's move by launching a hostile takeover bid for Warner Bros. Discovery. The competing bids set up a high-stakes bidding war that could reshape the media landscape by combining major studio assets under a single corporate owner.
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