Warner Bros favours Netflix offer over $108bn Paramount bid
AI Summary
Warner Bros. Discovery has advised its shareholders to reject Paramount Skydance's $108.4 billion takeover bid in favor of a $72 billion deal with Netflix. Warner Bros. put itself up for sale in October after receiving interest from multiple potential buyers. The Warner Bros. board "unanimously" recommended rejecting the Paramount offer, citing financial risks and a belief that the Netflix deal is better financed and offers superior long-term value. Netflix seeks to acquire Warner Bros.' movie studio and HBO streaming service, gaining access to its content library, but not its pay-TV channels. While Paramount, backed by the Ellison family, could still make another offer, the current recommendation favors Netflix, leaving Warner Bros. to sell off its television networks into a separate company.
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