Paramount (owner of media networks like MTV, CBS and Nickelodeon) has initiated a battle to acquire Warner Bros. Discovery with rival bidder Netflix. The move comes just days after Warner Bros. Discovery’s top management agreed to a US$72 billion purchase offer from Netflix.
On December 8, Paramount launched a hostile takeover offer for the company behind major media properties such as HBO, CNN, and DC Studios. This bid seeks to reshape a significant portion of the nation’s entertainment landscape.
Paramount’s bid is a direct attempt to circumvent Warner Bros. Discovery’s current leadership by appealing directly to the company’s shareholders. Key details of the Paramount offer include:
- US$108.4 billion, which surpasses the US$72 billion offered by Netflix.
- Paramount’s plan is to purchase the entirety of Warner Bros. Discovery’s business.
The Paramount offer includes the Warner Bros. Discovery cable business, a division that Netflix specifically excluded from its bid.
The outcome of this contest will determine the future direction and control of one of the largest content libraries and distribution networks in the media industry.
The Warner Bros. Discovery board of directors on December 8 said it would review Paramount’s offer, but was not modifying its recommendation with respect to Netflix.
(Reuters)
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