Home / Business and Economy / Paramount Wins Warner Bros. Discovery Bidding War
Paramount Wins Warner Bros. Discovery Bidding War
27 Feb
Summary
- Paramount Skydance's $31 per share offer was accepted by WBD.
- Netflix declined to raise its $27.75 per share bid.
- The deal includes CNN, TBS, and TBT networks.
Warner Bros. Discovery's (WBD) board has accepted Paramount Skydance's revised offer of $31 per share, all cash, in a decisive turn of events that concludes the bidding battle with Netflix. This superior offer outpaced Netflix's initial bid of $27.75 per share for WBD's studio and streaming assets.
The approved proposal from Paramount Skydance includes WBD's entire portfolio, encompassing well-known pay-TV networks such as CNN, TBS, and TBT. To mitigate potential regulatory obstacles, the deal also features a substantial $7 billion breakup fee.
Netflix, after being granted a waiver to reconsider its offer, ultimately decided against revising its bid. Co-CEOs Ted Sarandos and Greg Peters stated that matching Paramount Skydance's price was no longer financially appealing, despite recognizing the potential synergy with WBD's iconic brands.
