"On Friday, Netflix agreed to buy Warner Bros. Discovery's streaming and studio assets for $82.7 billion, including debt. Paramount Skydance then launched a hostile offer, saying on Monday that it's willing to pay $108.4 billion for the whole firm, including the TV networks like CNN and HGTV. Executives at Netflix and Paramount CEO David Ellison have each framed their offers as the best for employees, Hollywood, WBD shareholders, and TV viewers. Both suitors also said they're confident they can pass regulatory scrutiny."
"Mayer, now the co-CEO of Cocomelon owner Candle Media, said he thinks Paramount's hostile bid will reignite the faceoff for Warner Bros. and force the eventual winner to fork over more money. 'From the Warner Bros. Discovery perspective, this is nothing but good news,' Mayer said. Mayer added: 'Does it move up another $5 billion or $10 billion? I think it probably does. That's what it's going to take to win it.'"
Netflix offered $82.7 billion including debt for Warner Bros. Discovery's streaming and studio assets, while Paramount Skydance countered with a $108.4 billion hostile bid for the entire company, including TV networks. Both suitors framed their proposals as best for employees, Hollywood, shareholders, and viewers and expressed confidence about regulatory approval. Kevin Mayer expects the bidding to intensify and predicts sweetened offers from one or both parties. Mayer anticipates the winning price could rise by $5 billion to $10 billion and compared the contest to the prior 21st Century Fox takeover battle.
Read at Business Insider
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