Warner Bros. Discovery's board declared Paramount Skydance's revised $31-per-share all-cash bid a "superior proposal" over Netflix's existing merger agreement, triggering a match window that Netflix ultimately declined.
Netflix co-CEOs Ted Sarandos and Greg Peters stated the deal was "no longer financially attractive" at the price required to match Paramount Skydance's offer, effectively ending a months-long bidding war.
Paramount Skydance, led by David Ellison — son of Trump ally and Oracle co-founder Larry Ellison — sweetened its offer multiple times, ultimately raising its bid 63% from its original September proposal to secure the deal.
A combined Paramount-WBD entity would merge HBO Max with Paramount+, unite Warner Bros. and Paramount Skydance Studios, and place both CNN and CBS News under a single ownership structure.
WBD shareholders emerged as the clear financial winners, with the stock surging 78% during the bidding war, while Paramount and Netflix shares fell 36% and 30% respectively.
The deal includes a $7 billion regulatory termination fee and Paramount's agreement to absorb WBD's $2.8 billion Netflix breakup fee, giving WBD shareholders significant financial protection.
Political undertones were prominent throughout the process — David Ellison attended Trump's State of the Union as a guest of Sen. Lindsey Graham while Netflix's Ted Sarandos was seen arriving at the White House on the same day Netflix declined to match the bid.
The deal still faces a WBD shareholder vote scheduled for March 20 and significant regulatory review before it can be finalized.
Read More: https://economiccollapse.report/paramount-skydance-wins-the-battle-for-warner-bros-discovery-as-david-ellison-remakes-the-media-landscape/
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