"Netflix had said, we'll give you a deal valued at $83 billion and take over your streaming assets, your studios, your intellectual property, like DC Studios, Harry Potter and the like, and we'll spin off your cable channels. Paramount wanted the whole enchilada, the whole megillah, and ultimately sweetened its deal to a value in excess of about $111 billion."
"Warner Bros. originally didn't want Paramount to be bid at all. Paramount triggered all of this by saying, we want to take you guys over. And that opened this up. And it struck a deal with Netflix, which the Warner Bros. board and the Warner Bros. leadership vastly preferred, at least initially."
"Netflix had four business days to try to top it. Instead, it walked away - it was spooking investors - and said, we don't really need it that badly. We're a giant streamer. We'll do fine."
Warner Bros. Discovery initially preferred a deal with Netflix valued at $83 billion that would have Netflix acquire streaming assets, studios, and intellectual property like DC Studios and Harry Potter, while spinning off cable channels. However, Paramount countered by offering the entire company for over $111 billion. Warner Bros. Discovery's board accepted Paramount's superior offer. Netflix was given four business days to match but declined, stating it did not need the acquisition and would remain successful as an independent streamer. The merger creates a major Hollywood conglomerate combining Warner Bros. Studios and Paramount Studios with their respective streaming platforms and extensive intellectual property portfolios.
#hollywood-merger #paramount-warner-bros-discovery #streaming-industry #corporate-acquisition #netflix
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