"Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7bn price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid at $27.75 a share has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing."
"Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as Game of Thrones, Harry Potter and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company."
"Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty, Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, are up 0.7 percent."
Netflix switched to an all-cash $82.7bn offer for Warner Bros Discovery's studio and streaming assets, keeping the per-share price at $27.75. The Warner Bros board gave unanimous support to the revised all-cash bid. Paramount Skydance mounted a rival bid and an aggressive media campaign, but Warner Bros rejected the David Ellison-led approach. Warner Bros scheduled a special investor meeting expected by April to vote on the Netflix transaction. Netflix said the all-cash structure accelerates the timeline to a stockholder vote and increases financial certainty. Market reactions included modest share moves and investor commentary that the bidding may continue.
Read at www.aljazeera.com
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