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Paramount is trying to steal Warner Brothers from Netflix!
Right, last week Netflix announced it had won a major bidding war to buy Warner Bros.
It beat out Paramount, Comcast, and more for this, and the deal sent shockwaves through the industry.
With tons of people wondering what happens when a streaming service takes over one of Hollywood’s oldest movie studios.
But now, Paramount is trying to insert itself back into consideration.
And it is launching a hostile takeover bid, appealing directly to Warner Bros. shareholders with an all-cash offer of $108 billion.
Which notably is $18 billion more in cash than Netflix’s deal.
Paramount’s offer would include all of Warner Bros. Discovery, including its film studio, streaming services, and cable channels, which is notable because under the Netflix deal, cable channels were not included and had to be spun off. With Paramount’s CEO, David Ellison, who happens to be the son of billionaire and Trump friend Larry Ellison, saying this offer:
“provides superior value, and a more certain and quicker path to completion,” and “will create a stronger Hollywood.”
But just like the Netflix deal raised red flags for people in Hollywood, so has this offer.
With some concerned about the Ellisons’ ties to Trump, others noting some of this includes money from wealth funds in Saudi Arabia and Qatar, as well as an investment company backed by Jared Kushner.
But now, we will have to see how this battle for WB plays out, and as always, follow to stay in the loop.
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Produced by: Cory Ray, Philip DeFranco
Edited by: James Girardier, Maxwell Enright, Julie Goldberg, Christian Meeks, Matthew Henry
Art Department: William Crespo
Writing/Research: Maddie Crichton, Philip DeFranco
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#Netflix #Paramount #WarnerBros