"Netflix co-chief executives, Ted Sarandos and Greg Peters, said in a statement, 'This transaction was always a 'nice to have' at the right price, not a 'must have' at any price.'"
"Any purchase of Warner Bros. Discovery will be scrutinized by regulators in the United States and Europe, including the Justice Department's antitrust division. If Paramount is unable to secure the proper regulatory approvals, Netflix could potentially revive its interest as a buyer. For now, though, the war for Warner Bros. appears to have been all but decided in favor of Mr. Ellison, a 43-year-old budding mogul who came to Hollywood two decades ago as an aspiring actor and, somewhat improbably, could now control two of the town's most famed movie studios, along with the prestige television channel HBO and the 24-hour news network CNN."
Netflix abandoned its pursuit of Warner Bros. Discovery after Paramount Skydance made a superior $111 billion offer to acquire the entire company, including cable networks CNN, TBS, and TNT. Netflix had initially struck an $83 million deal for only WBD's studios-and-streaming division, but Paramount launched a hostile takeover bid for the full company. When Paramount's revised offer was deemed superior by WBD's board, Netflix declined to counteroffer within the allotted timeframe, citing that the deal was no longer financially attractive. David Ellison's Paramount Skydance now appears positioned to control major entertainment assets including HBO, two major movie studios, and CNN, pending regulatory approval.
Read at Poynter
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