"Two of Hollywood's oldest studios may be consolidating into one. In a shocking twist after a monthslong bidding war, Paramount has emerged as the apparent victor in the fight to acquire Warner Bros. Netflix, who backed away from the deal Thursday, had hoped to win the movie studio and its vast film library."
"Almost 10 years ago, Hollywood's big six became the big five when Disney bought most of 20th Century Fox. Now the big five looks like it's destined to become the big four, including Universal and Sony, and the business of Hollywood moviemaking is one again in a time of profound transition."
"Simply put, it was no longer financially attractive, the company said. In December, Netflix had reached a deal to acquire some of Warner Bros. Discovery's assets: Their library, movie studio and HBO. Almost immediately Paramount, who months earlier had expressed interest in the assets, re-entered the bidding war."
Paramount has won a bidding war to acquire Warner Bros., with Netflix withdrawing from the competition due to financial concerns. The deal represents a major consolidation in Hollywood, reducing the industry's largest studios from five to four, alongside Universal and Sony. This acquisition follows Disney's purchase of most of 20th Century Fox nearly a decade ago. Paramount seeks to acquire movies, cable networks, and news operations. The transaction reflects ongoing industry transformation as streaming services and traditional studios navigate changing media landscapes and business models.
Read at www.independent.co.uk
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