Bloomberg and Variety reported that Paramount Skydance has cried foul over the sales process, labeling it “tainted”. In a letter sent to Warner's CEO David Zaslav, Paramount's attorneys alleged that Warner's board had “embarked on a myopic process with a predetermined outcome that favors a single bidder,” refering to Netflix.
Move comes after the latest round of bids for the media company. Paramount and Comcast also made offers.
Netflix has entered exclusive talks with Warner Bros Discovery to acquire its studio and streaming service, a Bloomberg News reporter said in a post on X.
Ellison's meetings in Washington capped a frenzied day of dealmaking and political gamesmanship.
Netflix could be on the verge of a big purchase. Wall Street's not thrilled about it.
In the closing of the recent trading day, Netflix (NFLX) stood at $103.96, denoting a -4.93% move from the preceding trading day.
Antitrust officials are likening the Netflix purchase of WBD to Ticketmaster buying a popular entertainment venue like Madison Square Garden.
Major U.S. equities indexes were mixed Wednesday afternoon as the tech sector pulled back. The Dow climbed 0.4%, and the S&P 500 edged 0.1% higher, but the tech-heavy Nasdaq slid 0.2%.
Netflix's proposed acquisition of Warner Bros Discovery's studios and streaming unit is expected to reduce streaming costs for consumers by bundling Netflix and HBO Max, according to two people familiar with the proposal.
In a move that could fundamentally redraw the map of the global entertainment industry, Netflix NASDAQ: NFLX has reportedly submitted a binding, predominantly cash offer to acquire Warner Bros. Discovery NASDAQ: WBD.
Warner Bros. Discovery (WBD) received a mostly-cash buyout offer from Netflix, with WBD shares rising premarket.
Warner Bros. Discovery has entered a fresh stage in its sale process, with Netflix Inc (NASDAQ:NFLX, XETRA:NFC), Paramount Skydance and Comcast Corporation (NASDAQ:CMCSA, XETRA:CTP2) all submitting updated bids after spending the US Thanksgiving weekend sharpening their offers.