"We believe we would have been strong stewards of Warner Bros.' iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US. But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price."
"In addition to the purchase price of $31 per WBD share, Paramount's latest offer also included a provision that it would cover the $2.8 billion termination fee that WBD would owe to Netflix for dissolving the existing merger agreement between the businesses."
Netflix has withdrawn from the bidding war to acquire Warner Bros. Discovery after the company's board determined that Paramount Skydance's latest offer was superior. WBD gave Netflix four business days to match Paramount's terms, but the streamer declined to raise its bid. Paramount's offer includes a $31 per share purchase price plus coverage of the $2.8 billion termination fee WBD owes Netflix. Netflix stated the acquisition was a "nice to have" at the right price, not a "must have" at any price. Rather than acquiring WBD's content assets, Netflix will receive approximately $3 billion from the termination fee. The acquisition saga involved multiple bidding rounds over several weeks, with Paramount eventually prevailing in the competitive process.
Read at Engadget
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