Warner Bros, which went up for sale last year, said Paramount’s latest offer was “better,” while Netflix refused to raise its bid, saying the deal was too expensive.
Netflix has pulled out of its bid to buy Warner Bros Discovery, opening the door for Paramount Skydance to take over the Hollywood studio in a deal worth about $111bn (£82.2bn).
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Paramount, supported by tech billionaire Larry Ellison and led by his son, David Ellison, has raised its offer to $31 per share and agreed to pay $7 billion in potential break-up fees from Warner Bros. ’ earlier Netflix deal. If approved Paramount would take over Warner Bros’ film and streaming businesses, including HBO Max, TV networks like CNN, and the Food Network, and various sports properties, reshaping Hollywood, and the U.S. media landscape.
Netflix co-CEOs Ted Sarandos and Greg Peters said they would have been “good caretakers” of Warner Bros’ famous brands but noted the deal was “nice to have, not a must-have at any price.” Paramount’s deal still needs approval from the U.S. Department of Justice, European regulators, and the California Attorney General, who warned the merger is “not a done deal.”
The bidding war also attracted political attention, as Paramount’s ties to prominent Republican figures raised concerns about influence over media outlets like CNN. If completed, the deal would combine one of the last major traditional Hollywood studios with Paramount, bring Warner Bros’ streaming, and media assets under its control and likely cause major changes in the industry.
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