Warner Bros. Discovery's board is likely to advise shareholders to reject Paramount's US$108.4 billion takeover bid, leaving Netflix as the probable buyer. The announcement of the rejection could come as early as December 17.
Paramount’s offer is a US$30-per-share, all-cash bid for the entire company, while Netflix’s offer is a US$27 cash-and-stock bid for Warner Bros.' non-cable assets, making Netflix's offer the more lucrative deal.
Whichever company prevails in the acquisition of Warner Bros. will have a significant advantage in the ultra-competitive streaming market. Indeed, Warner Bros. Discovery’s catalogue includes cash-cow titles like ‘Harry Potter’ and ‘Friends,’ as well as cinema masterpieces like ‘Citizen Kane’ (1941), in addition to HBO’s streaming services.
Netflix was initially the announced winner, but Paramount made a rare move with a hostile takeover bid directly to shareholders in early December, shaking up the competition in a Wall Street battle.
It’s hard to imagine Hollywood without Warner Bros. Their name is everywhere, from classic films to today’s hit shows. Founded in 1923, this iconic studio has shaped cinema history, yet the story of the company itself remains surprisingly hidden. How well do you really know the rags-to-riches tale behind Warner Bros.? Click through to discover the fascinating, little-known facts about the studio that changed Hollywood forever.