"We strongly believe that Netflix and Warner Bros. joining forces will offer consumers more choice and value, allow the creative community to reach even more audiences with our combined distribution, and fuel our long-term growth, Warner Bros. said Wednesday. We made this deal because their deep portfolio of iconic franchises, expansive library, and strong studio capabilities will complementnot duplicateour existing business."
"Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favored by the board of Warner Bros. Paramount is offering $30 per Warner share to Netflix's $27.75. Paramount's bid isn't off the table altogether. While Wednesday's letter to shareholders means Paramount's is not the offer favored by the board at Warner Bros., shareholders can still decide to tender their shares in favor of Paramount's offer for the entire company including cable stalwarts CNN and Discovery."
Warner Bros. says a merger with Netflix will provide consumers more choice and value, expand audience reach for creators through combined distribution, and drive long-term growth. The Netflix offer is expected to complement Warner's portfolio with deep franchises, an expansive library and studio capabilities rather than duplicate them. Paramount made a hostile $30-per-share bid after Warner's board favored Netflix's $27.75 offer and urged shareholders to reject Paramount's proposal. Paramount's bid includes Warner's cable assets such as CNN and Discovery, while Netflix's offer excludes cable and would close only after Warner separates its cable operations. Both takeover attempts face intense regulatory scrutiny and could reshape media and news landscapes.
Read at www.mercurynews.com
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