The entertainment industry was stunned last Friday by the announcement that Netflix is acquiring Warner Bros. Discovery in a deal worth $82.7 billion. This merger immediately sparked worries and pushback from Hollywood unions and creative professionals, including the Directors Guild of America, headed by Christopher Nolan, and the Writers Guild of America. There’s now optimism that Warner Bros. and DC might not be acquired by Netflix after all.
What’s the shocking update on the Netflix and Warner Bros. merger?
A recent report suggests the planned merger between Netflix and Warner Bros. Discovery may be facing further delays. Apparently, Paramount Pictures has made a competing offer to buy Warner Bros. Discovery, potentially disrupting the deal. According to The Hollywood Reporter, Paramount is trying to acquire Warner Bros. Discovery in a hostile takeover by offering shareholders a significantly higher price than Netflix.
Paramount argues its offer to buy Warner Bros. Discovery (WBD) would give shareholders $18 billion more cash than Netflix’s offer. They claim WBD’s decision to favor Netflix is based on an unrealistic and unsupported valuation of its Global Networks division, and relies on a financially risky level of debt.
David Ellison, a top executive at Paramount, is encouraging Warner Bros. Discovery shareholders to seriously think about their offer, which is a straightforward cash deal, rather than accepting Netflix’s $82.7 billion proposal, which he considers less favorable.
As a film and entertainment enthusiast, I’ve been following the Warner Bros. Discovery situation closely. Frankly, I think shareholders deserve a real choice. We’ve made an offer to buy all of WBD with straight cash – the same offer we presented to the board privately. We believe it’s a better, faster, and more certain deal for them. It seems the board is leaning towards something different – a mix of cash and stock – which feels riskier because it ties their future to the unpredictable value of their cable business and a potentially complicated approval process. That’s why we’re going directly to the shareholders, giving them the chance to decide what’s best for their investment and hopefully get the most value for their shares.
Originally reported by Maggie Dela Paz at ComingSoon.
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