#warner-bros-discovery

#warner-bros-discovery

Hollywood is in trouble. The streaming boom that fueled a ton of production in the last decade-plus is gone, and lots of the remaining work is going overseas. No one really knows how AI will affect the movie and TV business, but there's lots of fear it won't be good. And barring something truly surprising, Warner Bros., one of Hollywood's most important movie and TV studios, is going to get swallowed up in the next year or so, which will mean even more consolidation.

Team, As we begin the year, I want to share an update on where things stand and where we are focused. Following a thorough review, the Warner Bros. Discovery Board of Directors has completed its consideration of Paramount Skydance's most recent proposal. After careful evaluation, the Board has determined not to pursue that proposal.

Warner Bros. Discovery board members delivered a blunt rejection of Paramount's revised hostile takeover bid on Wednesday, warning investors the offer was inadequate and still too risky. In a letter to shareholders on Wednesday, obtained and first reported by CNN, the WBD board rejected Paramount's revamped bid, insisting it falls well short of the certainty offered by its existing deal with Netflix. To effect the transaction, it intends to incur an extraordinary amount of incremental debt more than $50 billion through arrangements with multiple financing partners, the board wrote.