"Netflix said Thursday that it won't raise its bid for Warner Bros. Discovery's streaming and studio assets, allowing Paramount Skydance to emerge as the winning bidder of the entire Warner Bros. portfolio, which includes cable networks like CNN, TBS, TNT, HGTV and others."
"The board had repeatedly rebuffed offers from Paramount for months, ultimately getting Paramount to raise its bid by 63% from its original offer of $19 in September. It also got Paramount to make a number of concessions along the way that it believed would help sell the deal to regulators and ensure a clean closing."
"Everyone wins a little with the deal battle over, but Warner Bros. Discovery - which added $23 billion in market value in just five months - has the clearest evidence to show for it right now. Netflix is walking away from an expensive bidding war, and in doing so, conveniently leaves one competitor saddled with debt."
Netflix withdrew from bidding for Warner Bros. Discovery's streaming and studio assets, allowing Paramount Skydance to emerge as the winning bidder. Paramount's revised offer of $31 per share was deemed superior by the Warner Bros. Discovery board, representing a 63% increase from its original $19 September bid. Throughout the competition, both companies courted regulators, with executives attending high-profile political events. Warner Bros. Discovery gained $23 billion in market value over five months. Netflix's withdrawal from the expensive bidding war leaves Paramount with significant debt obligations while Netflix avoids further financial commitment.
#media-merger #streaming-competition #corporate-acquisition #paramount-skydance #warner-bros-discovery
Read at Axios
Unable to calculate read time
Collection
[
|
...
]