Warner Bros. Discovery has turned down Paramount’s $108.4 billion hostile bid, saying Netflix’s $83 billion merger is safer and more certain.
Netflix announced on 5 December it would acquire Warner Bros and HBO Max, marking the biggest entertainment consolidation this decade. Paramount countered three days later with an all-cash offer that included CNN, TNT, TBS, and Discovery networks.
Warner Bros said Paramount’s bid is risky, citing reliance on foreign investors and an opaque trust. Netflix co-CEOs Ted Sarandos and Greg Peters highlighted their deal’s certainty, with committed debt financing and no foreign or personal loans.
Hollywood insiders have criticized Netflix for its streaming-first model. Netflix, however, pledged to continue releasing Warner Bros films in cinemas if the takeover succeeds.
