"Paramount Global has sweetened its offer to acquire Warner by a bunch, offering an all-cash deal valued at $108 billion to take over the parent company of HBO, Warner Bros. Studios and CNN, among other notable properties. It would appear to significantly outstrip the deal worth $83 billion that Netflix and Warner announced just last Friday, although that agreement is solely for Warner's streaming service and studios."
"Oracle co-founder Larry Ellison, one of the world's richest people, and his son David, the movie producer and founder of Skydance Media, took over Paramount this summer. It's the parent company of CBS, Paramount Studios, the Paramount+ streaming service and more. Combining with Warner would let them create a Hollywood behemoth to take on Netflix, already the world's largest streamer."
"The Ellisons started the ball rolling earlier this year, forcing the hand of Warner Bros. Discovery Chief Executive David Zaslav by making an unsolicited bid. He ultimately put the company on the chopping block. In remarks on a conference call Monday with investors and reporters, Paramount executives accused Warner of "never engaging meaningfully" with its six various proposals. Warner did not respond to a request for comment. Netflix is expected to hold a call with investors Monday afternoon."
Paramount Global offered $108 billion in an all-cash bid to acquire Warner Bros. Discovery, aiming to take control of HBO, Warner Bros. Studios, CNN and other properties. Netflix and Warner had announced an $83 billion deal last Friday covering Warner's streaming service and studios, with CNN and cable channels to be spun off if completed. Oracle co-founder Larry Ellison and his son David led Paramount's move after assuming control of the company this summer. A combined Paramount-Warner would create a major Hollywood competitor to Netflix, Amazon, Apple and Disney. Paramount accused Warner of failing to meaningfully engage with its proposals.
Read at www.npr.org
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