""This was a competitive process that delivered the best outcome for consumers, creators, stockholders, and the broader entertainment industry," Netflix co-CEO Ted Sarandos said in a statement."
""Netflix and Warner Bros. complement each other, and we're excited to combine our strengths with their theatrical-film division, world-class television studio, and the iconic HBO brand, which will continue to focus on prestige television. We're also fully committed to releasing Warner Bros. films in theaters, with a traditional window, so audiences everywhere can enjoy them on the big screen.""
"WBD confirmed that Netflix's agreement is the "more certain and superior alternative" to Paramount."
"'Over time, the windows will evolve to be much more consumer friendly, to be able to meet the audience where they are quicker,' Sarandos said on December 5, after first confirming that WBD had accepted Netflix's bid."
Warner Bros. Discovery's board is urging shareholders to approve Netflix's $27.75-per-share offer and to reject Paramount's hostile $30-per-share bid. Netflix plans to acquire WBD while spinning off its cable networks into a separate company that will continue to provide shareholder value. WBD described Netflix's agreement as the "more certain and superior alternative" to Paramount's proposal. Netflix co-CEO Ted Sarandos emphasized that Netflix and Warner Bros. complement each other and pledged to combine streaming with theatrical-film, television studio, and HBO assets. Netflix also committed to releasing Warner Bros. films in theaters with a traditional window, despite prior skepticism.
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