Netflix walks away from Warner Bros. Discovery, Paramount wins
Netflix declined to match Paramount Skydance's offer, which values Warner Bros. Discovery at about $111 billion.
What happened?
Paramount Skydance made a new offer of $31 per share, and the Warner Bros. Discovery (WBD) board called it a "superior proposal."
Netflix said it would not raise its bid. Co-CEOs Ted Sarandos and Greg Peters said: "we are declining to match the Paramount Skydance bid."
By the numbers
- Netflix's offer: $82.7 billion in cash.
- Paramount's offer: values WBD at about $111 billion, including about $33 billion of WBD debt.
- WBD owes Netflix a $2.8 billion termination fee, which Paramount's offer covers.
Who gets what?
With this deal, Warner Bros. studios, HBO and CNN go to Paramount, with Larry Ellison supplying the extra equity.
After the news, Netflix shares rose as much as 10% and Paramount shares rose 4.5%.
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