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The end of Warner Bros. Discovery as an independent company seemed to follow the pattern of Ernest Hemingway's take on how one becomes bankrupt: “Gradually, then suddenly.
With the bidding war for its assets now over, Warner Bros Discovery's shares were down more than 2% in early trading on Friday, slipping to $28.20. Paramount's bid, which Warner deemed as superior to Netflix's, offers $31 per share of the media conglomerate's entire business—including its studios, streaming platform and TV networks.
Sources says that the White House was unmoved by Sarandos' arguments, that competition from social media negates their antitrust concerns, and that the administration would oppose the deal.
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The offer followed a week of talks between the companies to address concerns that prompted the HBO parent to reject previous Paramount bids in favor of Netflix's $72 billion deal for its studio and streaming assets.
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Paramount last week sweetened its $30 per share all-cash offer with an agreement to pay the $2.8 billion termination fee to Netflix, as well as a “ticking fee” for WBD shareholders worth $650 million.
Warner Bros Discovery might have to take David Ellison's barely sweetened offer for the media giant, after all, The Post has learned.
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The Delaware Chancery Court on Thursday rejected Paramount's demand for Warner Bros. Discovery to better explain why Netflix's nearly $83 billion takeover was more appealing than its own, according to court filings.
Paramount wanted the court to fast-track the case so Warner Bros. shareholders could have access to financial details necessary to decide whether to accept its $30 per share all-cash tender offer
Netflix (NFLX) shares slipped 2% on Wednesday as the streamer moved to bolster its bid for Warner Bros Discovery's (WBD) studios and streaming units, raising qu
Paramount accused WBD's board of breaching fiduciary duties by refusing to engage with what it calls a financially superior proposal.
Stock News WBD sticks with Netflix deal: Warner Bros. Discovery (WBD) again rejected Paramount's (PARA) hostile bid, reaffirming its $72B agreement to sell its