Warner Bros Discovery has agreed to a blockbuster merger with Paramount Skydance, marking one of the biggest shake-ups in the entertainment industry in years.<\/p>\n
Under the terms of the agreement, Paramount plans to pay “$31.00 per share in cash for all outstanding shares of WBD,” according to a news release.<\/p>\n
According to the release, the board of directors of both companies approved the deal unanimously.<\/p>\n
The announcement came after a monthslong bidding war in which Paramount emerged as the victor in the fight to acquire the storied Warner Bros. Netflix, who backed away from the deal Thursday, had hoped to win the movie studio and its vast film library.<\/p>\n
“We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive,” Netflix said in a statement. “This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”<\/p>\n
Warner Bros. Discovery Chief Revenue and Strategy Officer Bruce Campbell told employees the deal was finalized following Netflix’s decision.<\/p>\n
The potential impact is being closely watched in Burbank, where Warner Bros. Studios has long been a major employer. Patrick Prescott, the city’s community development director, said the situation remains fluid.<\/p>\n
“We thought it was a done deal with Netflix, and now it’s not. So, we’ll wait and see how this deal pans out. In the mean time, Burbank is open for business. You know we just welcomed Hallmark Media into the city of Burbank. That’s 250 additional jobs, so there’s still a market here for media,” Prescott said.<\/p>\n
Prescott said Warner Bros. has been a significant economic driver for the city and expressed hope that a merger would not change that role.<\/p>\n
“Besides the jobs … they feed into our hospitality, hotels, restaurants, retail, and all the supplies they need to do production and all the businesses here are peripheral to them and support them,” he said.<\/p>\n
Paramount wants it all: Movies, cable networks and news. Dominic Patten, senior editor at Deadline, said the bidding reflected an aggressive approach driven by Paramount’s leadership.<\/p>\n
“The main thing I think to take away from this is the sheer force Ellison brought to this, which was very much that Silicon Valley attitude of just go fast and break things, get what you want and at whatever price you have to,” Patten said.<\/p>\n
Industry analysts say the merger could also reshape the streaming landscape, with the potential to combine HBO Max and Paramount+ in an effort to better compete with streaming giant Netflix.<\/p>\n
The proposed merger will require approval from the U.S. Department of Justice and is already under review in California. Attorney General Rob Bonta said the state is closely examining the deal.<\/p>\n
“Paramount\/Warner Bros is not a done deal. These two Hollywood titans have not cleared regulatory scrutiny – the California Department of Justice has an open investigation, and we intend to be vigorous in our review,” Bonta said.<\/p>\n
Almost 10 years ago, Hollywood’s big six became the big five when Disney bought most of 20th Century Fox. Now the big five looks like it’s destined to become the big four, including Universal and Sony, and the business of Hollywood moviemaking is one again in a time of profound transition.<\/p>\n
ABC News and The Associated Press contributed to this report.<\/p>\n
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