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Netflix on Thursday signaled it was backing away from its offer to buy Warner Bros. Discovery’s streaming and studio assets, saying \u200cthe deal was no longer financially attractive after Paramount Skydance revised its offer for the coveted Hollywood studio to a $31-a-share offer.<\/p>\n
Shares of Netflix rose around 10 per cent in extended trading.<\/p>\n
“We’ve always been \u200bdisciplined, and at the price required to match \u200bParamount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance \u200bbid,” Netflix said in a statement.<\/p>\n
Warner Bros. Discovery said \u2060earlier in the \u2060day that Paramount’s revised $31-a-share offer was \u200csuperior to its existing deal with Netflix.<\/p>\n
Netflix had earlier this month granted Warner Bros. a seven-day waiver to seek a “best and final offer” from Paramount for the company.<\/p>\n
Netflix, which was looking to buy \u2060Warner Bros.’ streaming and studio assets, agreed in December to a deal valued at $27.75 per share. The company had said its offer, along with a \u200cplanned divestiture of Warner Bros.’ cable assets, would deliver a greater shareholder value.<\/p>\n
In its revised bid, Paramount raised the termination fee it would pay should the deal fail to gain regulatory approval to $7 billion US from $5.8 \u200bbillion US.<\/p>\n
Paramount said it welcomed the Warner Bros. board’s unanimous reaffirmation that its bid represents the stronger \u2060offer.<\/p>\n
The Ellison Trust is committing $45.7 billion US in equity, up from $43.6 billion US previously, \u2060backed by Larry Ellison and including any additional funds needed to satisfy \u2060Paramount’s bank \u2060solvency requirements, the firm \u200bsaid.<\/p>\n
Bank of America Merrill Lynch, Citi and Apollo are providing $57.5 billion US in \u200bdebt financing, increased from \u2060an earlier $54 billion US commitment.<\/p>\n
Activist investor Ancora Holdings, which owns a small stake in Warner Bros., has also stepped up pressure on the HBO owner by saying the company did not adequately engage with Paramount.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Estimated 2 minutes The audio version of this article is generated by AI-based technology.…\n","protected":false},"author":2,"featured_media":502102,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[49,48,75,348],"class_list":["post-502101","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tv","tag-ca","tag-canada","tag-entertainment","tag-tv"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/502101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=502101"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/502101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/502102"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=502101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=502101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=502101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}