Media War: Paramount challenges Netflix, outbidding it and offering $74.4 billion for Warner Bros
Kyiv • UNN
Media giant Paramount has offered $74.4 billion for Warner Bros. Discovery, outbidding Netflix's offer of $72 billion. Paramount is offering $30 per share in cash, urging shareholders to reject the deal with its competitor.
Media giant Paramount has made an offer to acquire Warner Bros. Discovery (WBD) for approximately $74.4 billion, challenging Netflix, which only a few days ago agreed to acquire WBD for $72 billion. This is reported by world media, writes UNN.
Details
On Monday, Paramount announced that it was approaching WBD shareholders directly with an offer of $30 per share in cash. This offer exceeds the rival bid from Netflix, which Paramount called based on an "illusory prospective valuation" of WBD's cable assets.
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The key difference is that Paramount, unlike Netflix, is offering to buy all of Warner Bros.'s cable assets and is urging shareholders to reject the deal with its competitor.
Paramount's Argument
"We believe our proposal will create a stronger Hollywood. This is in the best interests of the creative community, consumers, and the film industry," said Paramount Chairman and CEO David Ellison.
Netflix's Offer
Netflix's deal, concluded last Friday, is valued at $27.75 per WBD share ($82.7 billion, including debt). It does not include networks such as CNN and Discovery, as it involves a prior separation of WBD's cable operations.
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