Warner Bros. Discovery agrees to $110 billion Paramount merger
ThinkingNews Desk · how this was written
Netflix has withdrawn its bid to acquire Warner Bros. Discovery after the board deemed a competing offer from Paramount to be superior. Netflix declined to increase its bid, stating the acquisition is no longer financially attractive. Consequently, Warner Bros. Discovery is set to be acquired by Paramount.
Written from all 6 reports below, not from any single one.
How it was reported
- TechMeme·Netflix is walking away from a deal to buy WBD's studio and streaming assets after the WBD board deemed a revised bid by Paramount Skydance to be superior (CNBC)
Netflix is walking away from a deal to buy Warner Bros. Discovery's studio and streaming assets. The WBD board deemed a revised bid by Paramount Skydance superior. Netflix's bid was rejected in favor of the competing offer.
- The Verge·Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer
Netflix dropped its $83 billion deal to acquire Warner Bros. studio and HBO Max. Co-CEOs Ted Sarandos and Greg Peters declined to match Paramount's new bid. The deal is no longer financially attractive at the required price.
- Hacker News·Netflix Backs Out of Warner Bros. Bidding, Paramount Set to Win
Netflix has withdrawn from bidding for Warner Bros. Paramount is now set to win the bid. Warner Bros will likely be acquired by Paramount.
- Engadget·Netflix backs out of Warner Bros. Discovery bidding war
Netflix withdrew from the Warner Bros. Discovery bidding war. Warner Bros. Discovery was up for sale. Netflix is no longer a potential buyer.
- TechCrunch·Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount
Netflix withdrew its bid for Warner Bros. Discovery. David Ellison-owned Paramount will acquire Warner Bros. Discovery. Paramount gains studios, HBO, and CNN.
- The Verge·Netflix isn’t buying Warner Bros: All of the latest updates
Netflix declined to raise its offer for Warner Bros. beyond Paramount's bid. Paramount's all-cash offer is $31 per share, with a $7 billion regulatory termination fee. Netflix walked away, citing the deal is "no longer financially attractive."
- Ars Technica·Netflix cedes Warner Bros. Discovery to Paramount: “No longer financially attractive”
- The Verge·Warner Bros. Discovery agrees to $110 billion Paramount merger
Warner Bros. Discovery is merging with Paramount in a $110 billion deal. The merger combines WBD's studio, channels, streaming service, and gaming segment with Paramount. Warner Bros. Discovery previously considered an $83 billion agreement with Netflix.
- TechMeme·Paramount agrees to acquire WBD, paying $31 per share in cash, giving WBD an enterprise value of $110B; Paramount paid a $2.8B breakup fee to Netflix (Alex Weprin/The Hollywood Reporter)
Paramount is acquiring WBD for $31 per share in cash. The deal gives WBD an enterprise value of $110B. Paramount paid Netflix a $2.8B breakup fee.
- Engadget·Paramount agrees to buy Warner Bros. Discovery, pays Netflix $2.8 billion for breakup
Paramount is paying $2.8 billion to Netflix as part of the acquisition. The deal involves acquiring Warner Bros. Discovery.
- TechCrunch·What to know about the landmark Warner Bros. Discovery sale
Paramount plans to acquire Warner Bros. Discovery in a $111 billion deal. The acquisition is a historic Hollywood megadeal. Warner Bros. Discovery is valued highly.
- TechMeme·Netflix actually won by walking away from the WBD bid, collecting a $2.8B termination fee and driving up the price and debt load of the Paramount-WBD merger (Dan Gallagher/Wall Street Journal)
Netflix collected a $2.8B termination fee. The merger increased Paramount's price and debt load. Netflix preserved its business model.