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Paramount Skydance Wins Warner Bros Deal; Netflix Bows Out, Shares Rally
Paramount Skydance Wins Warner Bros Deal; Netflix Bows Out, Shares Rally
Netflix has decided not to buy Warner Bros. Discovery’s studio and streaming business, clearing the way for Paramount to take over. On Thursday, Warner’s board said Paramount’s new offer to buy the whole company for $31 per share was better than the deal with Netflix.
Netflix quickly announced it would not raise its bid, saying the new price made the deal too expensive.
Netflix’s co-CEOs said they would have been good caretakers of Warner Bros’ famous brands, but the deal was only worth it at the right price. Paramount wants to buy the entire company, including HBO Max, “Harry Potter," and CNN, which could soon be part of Paramount’s CBS, “Top Gun," and Paramount+ streaming service. The merger still needs approval from Warner shareholders and regulators, raising antitrust and political concerns. Netflix’s decision ends a months-long battle over Warner’s future.
Warner had supported the Netflix deal until Thursday, when it gave Netflix four days to counter Paramount’s improved offer, which values Warner at about $111 billion including debt. Netflix’s earlier offer was $27.75 per share, totaling nearly $83 billion.
Warner’s CEO thanked Netflix for their partnership. Warner’s board hasn’t officially accepted Paramount’s merger yet, but the CEO said it would create great value and was excited about the potential of combining Paramount Skydance and Warner Bros. Discovery.
Paramount’s CEO praised Warner’s board for recognizing the value of their offer. If the merger happens, it would combine two of Hollywood’s five legacy studios, bringing together movies like “Harry Potter," “Superman," “Barbie," and TV hits like “The White Lotus" and “Succession" with Paramount’s “Top Gun," “Titanic," “The Godfather," and networks like MTV, Nickelodeon, and Paramount+. CNN would join CBS, which has already seen editorial changes under Skydance. Paramount has tried to appeal to conservative viewers, especially by hiring Bari Weiss as CBS News editor-in-chief.
Critics warn similar changes could happen at CNN if Paramount buys Warner.
Politics play a big role in the deal, with President Trump having close ties to Larry Ellison, the father of Paramount’s CEO, who strongly supports the bid. Paramount’s push to buy Warner came just months after Skydance bought Paramount in a merger approved weeks after the company agreed to pay Trump $16 million to settle a lawsuit over CBS’s “60 Minutes." Trump has criticized Paramount over CBS editorial decisions and has said regulatory approval will be up to the Justice Department.
Democratic lawmakers worry about Trump’s ties to companies like Paramount and the risk of growing corporate power. Senator Elizabeth Warren called the possible merger an “antitrust disaster."
Paramount says merging with Warner will help it compete with bigger rivals and offer more content, but critics say it could lead to higher prices, job losses, and less diversity in filmmaking.
Netflix argued that a Warner-Paramount merger would combine two similar companies, raising risks for jobs and competition. Netflix and Warner executives told senators that Netflix doesn’t have the same studios and film distribution as Warner, which made the Netflix offer appealing.
Regulators are reviewing the deal, and Warner shareholders need to be convinced. Paramount has tried to sweeten the deal by promising to pay a “ticking fee" sooner and agreeing to a $7 billion regulatory termination fee.
Paramount is taking on billions in debt to finance the offer, which critics say could lead to job losses and restructuring. Foreign wealth funds are also involved, adding more scrutiny.
Source: News18
Related Posts: Warner Paramount merger, Netflix Warner Bros deal, Paramount acquisition, Warner Bros Discovery, streaming industry merger, antitrust concerns media, HBO Max Paramount
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