New York, Dec 8 (AP) Paramount is making a hostile bid for Warner Bros. Discovery, challenging Netflix, which reached a USD 72 billion takeover deal with the company.
Paramount said on Monday that it is going straight to Warner Bros. shareholders with a USD 30 per share cash offer for the entirety of Warner Bros. Discovery, including its Global Networks segment, asking them to reject the deal with Netflix.
On Friday, Netflix struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max. The cash and stock deal is valued at USD 27.75 per Warner share, giving it a total enterprise value of USD 82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months, after Warner completes the previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery.
But President Donald Trump said Sunday that the deal struck by Netflix to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. (AP) SKS
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