Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Warner Bros' lack of response fueled Paramount's hostile bid, filing says

Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Warner Bros' lack of response fueled Paramount's hostile bid, filing says

by Inkhabar webdesk
written by Inkhabar webdesk

By Aditya Soni and Harshita Mary Varghese Dec 8 (Reuters) – Paramount Skydance's 11th-hour, hostile $108.4 billion bid for Warner Bros Discovery was rooted in what it considered a lack of responsiveness from Warner Bros to its ardent overtures late last week, a securities filing on Monday showed. Paramount offered a blow-by-blow account of Paramount CEO David Ellison's communication over months with his counterpart David Zaslav at Warner Bros in the lengthy filing, which led to Paramount bidding for Warner Bros in September. That bid was rebuffed, as were the next two that Paramount said offered improved terms. Finally, Zaslav called Ellison on December 3 to relay concerns from Warner Bros' board about Paramount's bid. Later that same day, Warner Bros' legal advisers told Paramount's counsel that the board viewed the absence of a full backstop from Ellison's family as a negative, despite the involvement of deep-pocketed sovereign wealth funds. They also flagged potential scrutiny from U.S. regulators. On December 4, following a Paramount Skydance board meeting where it agreed to improve a previous offer, Ellison texted Zaslav according to the regulatory filing. "I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back," Ellison told Zaslav in the text. By mid-morning that day, Paramount sweetened its bid. But having received no response from Zaslav to his text, Ellison tried again at around 4 p.m. EST, adding a personal appeal: "It would be the honor of a lifetime to be your partner."  Paramount's bankers and Ellison told Warner Bros and Zaslav that their new $30 per share offer – or $108.4 billion – was "not best and final," signaling they could go higher.  But Ellison's phone never rang. By 11 p.m. that night, media reports swirled that Warner Bros had entered exclusive talks with Netflix to sell its TV and film studios as well as the streaming business that houses HBO Max. By Friday, Netflix and Warner Bros announced a deal. On Monday, Paramount took its offer directly to Warner Bros shareholders, heating up a bidding war whose outcome will reshape the media industry. Asked to comment on the Paramount securities filing, Warner Bros Discovery said: "The board and the company have for months run a completely fair and transparent process with each of the bidders, and the bids speak for themselves.” At stake in the race are some of Hollywood's crown jewels including the Warner Bros studio, DC Comics and HBO. A deal will help Netflix extend its lead in the streaming wars, while Paramount would gain the scale in streaming to compete better with the streaming giant as well as cable assets such as CNN. PERSUASION  Bypassing a Warner Bros board that it says has "never engaged meaningfully," Paramount is betting it can persuade investors that its all-cash offer tops Netflix's $82.7 billion enterprise bid. Paramount's Ellison is the son of the world's second-richest man, Oracle co-founder Larry Ellison, who is also an ally of President Donald Trump. David Ellison has touted a quicker path to regulatory approval to investors. His Skydance Media bought Paramount Global in August, overcoming regulatory hurdles.  For its bid for Warner Bros, Paramount dropped Chinese tech firm Tencent from the investor group and secured a waiver on all governance rights from the remaining outside investors, a structure it said puts the deal outside the jurisdiction of the Committee on Foreign Investment in the United States.  Its offer is backstopped by the Ellison family and includes financing from Affinity Partners, an investment firm run by Jared Kushner, Trump's son-in-law, and several Middle Eastern government-run investment funds. Warner Bros said it would review Paramount's offer, but was not yet modifying its recommendation with respect to Netflix. Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal. ACCUSATIONS OF BIASED PROCESS The alleged breakdown in communications between Paramount and Warner Bros Discovery marked a sharp reversal from earlier, according to Paramount's filing. The Ellisons had dined with Zaslav on November 24, discussing the benefits of a deal and potential co-CEO and co-chairman roles for Zaslav in the combined company. But the warmth was short-lived. Paramount alleged delays by Warner Bros in signing a "clean team" agreement needed to review sensitive data, prompting its legal counsel to warn WBD's advisers that Paramount "would be disadvantaged" without access.  Paramount also cited in its filing a CNBC interview of Warner Bros Chairman Emeritus John Malone last month where he "lamented how Paramount 'interrupted' the Warner Bros separation and discussed the merits of Netflix as a bidder."  Paramount's tender offer will be open for 20 business days and can be extended. Warner Bros has 10 days to respond. "We're here to fight for value for our shareholders and for WBD shareholders," David Ellison said on Monday. (Reporting by Aditya Soni and Harshita Mary Varghese in Bengaluru; Additional reporting by Dawn Chmielewski in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Surgeon warns against steam inhalation as remedy for coughs and colds

by Inkhabar webdesk
written by Inkhabar webdesk

London (PA Media/dpa) – A surgeon in the UK has issued a warning over burns caused by people using steam inhalation as a remedy for coughs and colds. Jeremy Yarrow, a consultant surgeon at the NHS Welsh Centre for Burns and Plastic Surgery at Morriston Hospital in Swansea, said he and his colleagues see too many children and adults every winter with burns caused by water boiled to create steam for coughs and colds. He said the practice is dangerous because bowls of hot water can spill suddenly, causing serious injuries to areas including the face, chest, stomach and legs. The resulting injuries sometimes require long-term treatment or surgery, with children being particularly vulnerable. “Every year, we at the Welsh Burns Centre unfortunately see too many children and adults with burns sustained from boiling water linked to inhaling steam,” he said. “Many of the injuries have required admission to hospital and some have gone on to require surgery and skin grafting. “The injuries I see can often involve burns around the thighs, lower abdomen and genital areas, with children at a much higher risk due to their thinner skin and lack of awareness of the danger. “Unfortunately, these injuries have the potential to be truly life-changing and can cause lifelong disfigurement and scarring.” Professor Dr Aidan Fowler, national director of patient safety at NHS England, said: “It’s crucial to remember that not all ‘DIY hacks’ are helpful, particularly as using bowls of boiling water to relieve coughs and colds can go wrong very quickly – and could lead to severe burns. “If you are congested, you should drink plenty of fluids and rest. You could also try sitting in the bathroom with a hot shower running to breathe in steam to ease a blocked nose but, if you’re in discomfort, please come forward and speak with your local pharmacist.” Yarrow said using steam inhalation to cure ailments has not been proven to be effective and urged people to seek safer treatments. A Cochrane medical review into the practice also found no clear benefits for using steam inhalation for treating such illnesses. Yarrow said: “Although inhaling steam is sometimes thought to be useful as a remedy for common colds and chest infections, evidence of the effectiveness is weak and theories that the steam loosens mucus, opens nasal passages or slows the replication of viruses are just unproven. “I urge the public to not use inhaling steam as a remedy for the treatment of illnesses such as the common cold and respiratory infections but instead use over-the-counter remedies or those prescribed to them.” He said people should act quickly if they do get burned. “Should the worst happen and a burn injury occur, quick action can reduce the potential for long-term injury or scarring,” he said. “Remembering the ‘3Cs’ in such an event can make all the difference. “They are: cool the burn with running cold tap water for 20 minutes and remove all clothing and jewellery (unless it is melted or firmly stuck to the wound), call for help – 999, 111 or your GP for advice, and cover loosely with clingfilm or a sterile, non-fluffy dressing.” People are also being reminded to take care when using hot water bottles as they can also lead to burns and scalds. Janine Evans, an advanced practitioner occupational therapist, said: “Despite safety warnings over the last few years, we are continuing to see a rise in hot water bottle scald injuries every year. “There are, however, a few simple steps that can prevent painful injuries. “Always check the manufacturing date stamped on your hot water bottle – the year of manufacture will be in the centre of the date daisy found on the neck or collar. “If it’s more than two years old, replace it – even if it looks fine. The rubber perishes over time. “And never used freshly boiled water – always allow it to cool for at least five minutes before filling your hot water bottle.” The following information is not intended for publication pa dpa coh

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Power naps: How to perfect the short snooze to beat your midday slump

by Inkhabar webdesk
written by Inkhabar webdesk

The first rule of afternoon napping is an alarm clock: If you don't want to feel groggy afterwards, you need to limit the duration. Here are seven questions and answers about the most important break of the day. Berlin (dpa) – You might take one after your early shift, during your lunch break while working from home, or at the weekend. Many people swear by afternoon naps. What are their benefits and how can you get the most out of daytime snoozes? Two experts answer some pertinent questions: 1. Is taking afternoon naps healthy? "Yes, but only if they're power naps," says Markus Specht, who heads a centre for sleep medicine in Germany. In other words, short naps of about 10 to 30 minutes – also called catnaps – that end before you enter deep sleep. Studies in Mediterranean countries, where siestas are historically common, have shown that people there are less prone to cardiovascular diseases, obesity and strokes than non-siesta cultures are. "What's more, studies of people in the US showed their risk for these conditions decreased when they started taking afternoon naps and hadn't previously," says Dr Simone Koch, a physician, hormone expert and biohacker who investigates how healthier behaviours can optimize natural bodily processes. 2. When's the best time for a power nap? Ideally, you should lie down and close your eyes for 15 to 20 minutes after lunch, between 1 and 2 pm, advises Specht. "That's when your body experiences a natural energy slump and slips more easily into rest mode," he says. It's important to keep the nap short so as not to sink into deep sleep, so "be sure to set an alarm!" 3. What happens in your brain when you power-nap? When you close your eyes and simply wait for what comes next, your brain goes into a meditative state. Your brain waves are in what's known as an alpha rhythm, and your consciousness is idle. "You can imagine it to be a bit like a screen saver for your mind that tidies up in the background and then restarts the system," Specht says. "That's why you feel so refreshed after a successful power nap." 4. Why do you sometimes feel groggy after an afternoon nap? Usually because you let what should have been a power nap last too long, allowing your body to enter the deep sleep phase. "Your brain's then ready to sleep for six more hours," says Specht. "If you're abruptly awakened, you feel downright disoriented." On top of that, you don't become really alert again until evening, and therefore have trouble falling asleep at bedtime. Koch adds: "People with very low blood pressure often need quite a long time to get into gear again. So for them, even power naps may be disadvantageous." And they're hardly alone, as not everyone's made for afternoon naps. If they throw your day out of kilter by making you sluggish instead of refreshed, it's best to avoid them. 5. Can afternoon naps be counterproductive? Yes, as noted above. If you regularly end up falling fast asleep, you'll disrupt your natural sleep-wake cycle. Yielding too early in the day to the build-up of "sleep pressure" – ie. an increase in the concentration of various neurochemicals and hormones in the brain that allow your body to sleep – makes it harder to fall asleep at night. And having trouble sleeping at night can be extremely stressful for both mind and body. It can set a vicious circle in motion, leading to a bad case of insomnia requiring medical treatment. Babies, the ill and elderly are an exception though, according to Specht, noting that "at an advanced age the body produces less melatonin [known as the "sleep hormone"] at night, which reduces nighttime sleep, so napping during the day can be very restorative." 6. Can an afternoon nap make up for a sleepless night? If you hardly slept a wink, let alone 40, after a wild party, due to heartbreak, intrusive thoughts or whatever, it's best to stay awake until evening. Similar advice is given to head off jet lag. While a power nap can work wonders in these cases too, Specht says, you risk lying wide awake in bed when nighttime comes. 7. What are the immediate, and long-term, effects of power-napping? A proper power nap has effects that are felt at once, says Koch. "As soon as you get up again, you're more alert, receptive and able to concentrate." If you make them a lifelong practice, you can reap their benefits into old age. There's even evidence that regular napping can significantly delay the onset of age-related diseases as well as frailty. "I'm personally convinced that power naps not only make you physically and mentally fitter, but also strengthen your mental health in the long term," Specht says. In short, regular power-napping can make you more alert, less stressed and better able to meet the day's challenges with equanimity. And every power nap helps, even though for many people they're only possible at the weekend. The following information is not intended for publication dpa/tmn osf yyzz a3 bzl sw ob

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Do tattoos cause skin cancer? New research suggests possible link

by Inkhabar webdesk
written by Inkhabar webdesk

Berlin (dpa) – People who get tattoos could be increasing their risk of skin cancer, according to a team of epidemiologists and toxicologists warning about the risk factor for melanoma. Researchers at Sweden's Lund University surveyed almost 3,000 people who had been diagnosed with the disease and around 8,500 cancer-free counterparts. "Of the participants who had melanoma, 22% were tattooed, compared with 20% in the control group. But when we took lifestyle factors that might distort the association into account, we saw a 29% increased relative risk among tattooed individuals," said Lund's Emelie Rietz Liljedahl. The findings – which were controlled for factors including sun exposure, sun bed use and skin type – led the researchers to conclude that "tattoos may be a risk factor for cutaneous melanoma (CM)." Published in the European Journal of Epidemiology in November, the research is the latest in a growing body of studies looking to shed light on long-suspected links between tattoos and skin cancer. "The results need to be verified in additional epidemiologic studies before causality can be inferred," the team added, explaining that they carried out the research due to the coincidence of a sharp rise in "the incidence of cutaneous melanoma" with the "rapidly growing tattoo trend." "Repeated reports of the presence of carcinogenic chemicals, such as polyaromatic hydrocarbons, aromatic amines and heavy metals in tattoo ink justifies the investigation of CM risk in relation to tattooing," they said. "When tattoo ink is injected into the skin, the body perceives it as a foreign substance, which means the immune system is activated," the team explained, warning that some of the colourants can break down into "harmful chemicals that may cause cancer" – particularly if the person goes sunbathing after getting tattooed. "We therefore need to clarify if there is a link between tattoo ink and skin cancer," said Christel Nielsen, associate professor and researcher in epidemiology at Lund. The following information is not intended for publication dpa spr coh

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Words that sound beautiful are easier to remember, study shows

by Inkhabar webdesk
written by Inkhabar webdesk

Vienna (dpa) – Words with a pleasant sound are easier to remember, a study by the University of Vienna has found. Invented words like "clisious", "smanious" and "drikious" were presented to around 100 English-speaking participants to test how sound alone, independent of meaning, influences perception. They also examined whether the beauty of sounds affects how easily words can be learned. The 100 participants viewed different pretend words which were designed to be "beautiful", "neutral" or "not beautiful". First they were asked to learn and memorize the words, later to recall them, and finally to rate how beautiful they found them. "We found that the words that participants remembered best were also the ones they rated as most beautiful," said study leader Theresa Matzinger. The results point to a close relationship between memorability and what is known as euphony, or the beauty of sound. "Whether we remember things better because we find them beautiful or find them beautiful because we can remember them better remains to be seen," said the University of Vienna lecturer, whose study was published in the journal PLOS One. The link between aesthetic perception and the learnability of language could affect foreign language learning, marketing strategies and language change across generations. "Certain sound patterns may persist in languages because they sound pleasant, while others may disappear because we find them less appealing," Matzinger said. The following information is not intended for publication dpa mrd xxde coh

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Warner Bros' lack of response fueled Paramount's hostile bid, filing says

by Inkhabar webdesk
written by Inkhabar webdesk

By Aditya Soni and Harshita Mary Varghese Dec 8 (Reuters) – Paramount Skydance's 11th-hour, hostile $108.4 billion bid for Warner Bros Discovery was rooted in what it considered a lack of responsiveness from Warner Bros to its ardent overtures late last week, a securities filing on Monday showed. Paramount offered a blow-by-blow account of Paramount CEO David Ellison's communication over months with his counterpart David Zaslav at Warner Bros in the lengthy filing, which led to Paramount bidding for Warner Bros in September. That bid was rebuffed, as were the next two that Paramount said offered improved terms. Finally, Zaslav called Ellison on December 3 to relay concerns from Warner Bros' board about Paramount's bid. Later that same day, Warner Bros' legal advisers told Paramount's counsel that the board viewed the absence of a full backstop from Ellison's family as a negative, despite the involvement of deep-pocketed sovereign wealth funds. They also flagged potential scrutiny from U.S. regulators. On December 4, following a Paramount Skydance board meeting where it agreed to improve a previous offer, Ellison texted Zaslav according to the regulatory filing. "I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back," Ellison told Zaslav in the text. By mid-morning that day, Paramount sweetened its bid. But having received no response from Zaslav to his text, Ellison tried again at around 4 p.m. EST, adding a personal appeal: "It would be the honor of a lifetime to be your partner."  Paramount's bankers and Ellison told Warner Bros and Zaslav that their new $30 per share offer – or $108.4 billion – was "not best and final," signaling they could go higher.  But Ellison's phone never rang. By 11 p.m. that night, media reports swirled that Warner Bros had entered exclusive talks with Netflix to sell its TV and film studios as well as the streaming business that houses HBO Max. By Friday, Netflix and Warner Bros announced a deal. On Monday, Paramount took its offer directly to Warner Bros shareholders, heating up a bidding war whose outcome will reshape the media industry. Asked to comment on the Paramount securities filing, Warner Bros Discovery said: "The board and the company have for months run a completely fair and transparent process with each of the bidders, and the bids speak for themselves.” At stake in the race are some of Hollywood's crown jewels including the Warner Bros studio, DC Comics and HBO. A deal will help Netflix extend its lead in the streaming wars, while Paramount would gain the scale in streaming to compete better with the streaming giant as well as cable assets such as CNN. PERSUASION  Bypassing a Warner Bros board that it says has "never engaged meaningfully," Paramount is betting it can persuade investors that its all-cash offer tops Netflix's $82.7 billion enterprise bid. Paramount's Ellison is the son of the world's second-richest man, Oracle co-founder Larry Ellison, who is also an ally of President Donald Trump. David Ellison has touted a quicker path to regulatory approval to investors. His Skydance Media bought Paramount Global in August, overcoming regulatory hurdles.  For its bid for Warner Bros, Paramount dropped Chinese tech firm Tencent from the investor group and secured a waiver on all governance rights from the remaining outside investors, a structure it said puts the deal outside the jurisdiction of the Committee on Foreign Investment in the United States.  Its offer is backstopped by the Ellison family and includes financing from Affinity Partners, an investment firm run by Jared Kushner, Trump's son-in-law, and several Middle Eastern government-run investment funds. Warner Bros said it would review Paramount's offer, but was not yet modifying its recommendation with respect to Netflix. Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal. ACCUSATIONS OF BIASED PROCESS The alleged breakdown in communications between Paramount and Warner Bros Discovery marked a sharp reversal from earlier, according to Paramount's filing. The Ellisons had dined with Zaslav on November 24, discussing the benefits of a deal and potential co-CEO and co-chairman roles for Zaslav in the combined company. But the warmth was short-lived. Paramount alleged delays by Warner Bros in signing a "clean team" agreement needed to review sensitive data, prompting its legal counsel to warn WBD's advisers that Paramount "would be disadvantaged" without access.  Paramount also cited in its filing a CNBC interview of Warner Bros Chairman Emeritus John Malone last month where he "lamented how Paramount 'interrupted' the Warner Bros separation and discussed the merits of Netflix as a bidder."  Paramount's tender offer will be open for 20 business days and can be extended. Warner Bros has 10 days to respond. "We're here to fight for value for our shareholders and for WBD shareholders," David Ellison said on Monday. (Reporting by Aditya Soni and Harshita Mary Varghese in Bengaluru; Additional reporting by Dawn Chmielewski in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Warner Bros' lack of response fueled Paramount's hostile bid, filing says

by Inkhabar webdesk
written by Inkhabar webdesk

By Aditya Soni and Harshita Mary Varghese Dec 8 (Reuters) – Paramount Skydance's 11th-hour, hostile $108.4 billion bid for Warner Bros Discovery was rooted in what it considered a lack of responsiveness from Warner Bros to its ardent overtures late last week, a securities filing on Monday showed. Paramount offered a blow-by-blow account of Paramount CEO David Ellison's communication over months with his counterpart David Zaslav at Warner Bros in the lengthy filing, which led to Paramount bidding for Warner Bros in September. That bid was rebuffed, as were the next two that Paramount said offered improved terms. Finally, Zaslav called Ellison on December 3 to relay concerns from Warner Bros' board about Paramount's bid. Later that same day, Warner Bros' legal advisers told Paramount's counsel that the board viewed the absence of a full backstop from Ellison's family as a negative, despite the involvement of deep-pocketed sovereign wealth funds. They also flagged potential scrutiny from U.S. regulators. On December 4, following a Paramount Skydance board meeting where it agreed to improve a previous offer, Ellison texted Zaslav according to the regulatory filing. "I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back," Ellison told Zaslav in the text. By mid-morning that day, Paramount sweetened its bid. But having received no response from Zaslav to his text, Ellison tried again at around 4 p.m. EST, adding a personal appeal: "It would be the honor of a lifetime to be your partner."  Paramount's bankers and Ellison told Warner Bros and Zaslav that their new $30 per share offer – or $108.4 billion – was "not best and final," signaling they could go higher.  But Ellison's phone never rang. By 11 p.m. that night, media reports swirled that Warner Bros had entered exclusive talks with Netflix to sell its TV and film studios as well as the streaming business that houses HBO Max. By Friday, Netflix and Warner Bros announced a deal. On Monday, Paramount took its offer directly to Warner Bros shareholders, heating up a bidding war whose outcome will reshape the media industry. Asked to comment on the Paramount securities filing, Warner Bros Discovery said: "The board and the company have for months run a completely fair and transparent process with each of the bidders, and the bids speak for themselves.” At stake in the race are some of Hollywood's crown jewels including the Warner Bros studio, DC Comics and HBO. A deal will help Netflix extend its lead in the streaming wars, while Paramount would gain the scale in streaming to compete better with the streaming giant as well as cable assets such as CNN. PERSUASION  Bypassing a Warner Bros board that it says has "never engaged meaningfully," Paramount is betting it can persuade investors that its all-cash offer tops Netflix's $82.7 billion enterprise bid. Paramount's Ellison is the son of the world's second-richest man, Oracle co-founder Larry Ellison, who is also an ally of President Donald Trump. David Ellison has touted a quicker path to regulatory approval to investors. His Skydance Media bought Paramount Global in August, overcoming regulatory hurdles.  For its bid for Warner Bros, Paramount dropped Chinese tech firm Tencent from the investor group and secured a waiver on all governance rights from the remaining outside investors, a structure it said puts the deal outside the jurisdiction of the Committee on Foreign Investment in the United States.  Its offer is backstopped by the Ellison family and includes financing from Affinity Partners, an investment firm run by Jared Kushner, Trump's son-in-law, and several Middle Eastern government-run investment funds. Warner Bros said it would review Paramount's offer, but was not yet modifying its recommendation with respect to Netflix. Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal. ACCUSATIONS OF BIASED PROCESS The alleged breakdown in communications between Paramount and Warner Bros Discovery marked a sharp reversal from earlier, according to Paramount's filing. The Ellisons had dined with Zaslav on November 24, discussing the benefits of a deal and potential co-CEO and co-chairman roles for Zaslav in the combined company. But the warmth was short-lived. Paramount alleged delays by Warner Bros in signing a "clean team" agreement needed to review sensitive data, prompting its legal counsel to warn WBD's advisers that Paramount "would be disadvantaged" without access.  Paramount also cited in its filing a CNBC interview of Warner Bros Chairman Emeritus John Malone last month where he "lamented how Paramount 'interrupted' the Warner Bros separation and discussed the merits of Netflix as a bidder."  Paramount's tender offer will be open for 20 business days and can be extended. Warner Bros has 10 days to respond. "We're here to fight for value for our shareholders and for WBD shareholders," David Ellison said on Monday. (Reporting by Aditya Soni and Harshita Mary Varghese in Bengaluru; Additional reporting by Dawn Chmielewski in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
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Warner Bros' lack of response fueled Paramount's hostile bid, filing says

by Inkhabar webdesk
written by Inkhabar webdesk

By Aditya Soni and Harshita Mary Varghese Dec 8 (Reuters) – Paramount Skydance's 11th-hour, hostile $108.4 billion bid for Warner Bros Discovery was rooted in what it considered a lack of responsiveness from Warner Bros to its ardent overtures late last week, a securities filing on Monday showed. Paramount offered a blow-by-blow account of Paramount CEO David Ellison's communication over months with his counterpart David Zaslav at Warner Bros in the lengthy filing, which led to Paramount bidding for Warner Bros in September. That bid was rebuffed, as were the next two that Paramount said offered improved terms. Finally, Zaslav called Ellison on December 3 to relay concerns from Warner Bros' board about Paramount's bid. Later that same day, Warner Bros' legal advisers told Paramount's counsel that the board viewed the absence of a full backstop from Ellison's family as a negative, despite the involvement of deep-pocketed sovereign wealth funds. They also flagged potential scrutiny from U.S. regulators. On December 4, following a Paramount Skydance board meeting where it agreed to improve a previous offer, Ellison texted Zaslav according to the regulatory filing. "I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back," Ellison told Zaslav in the text. By mid-morning that day, Paramount sweetened its bid. But having received no response from Zaslav to his text, Ellison tried again at around 4 p.m. EST, adding a personal appeal: "It would be the honor of a lifetime to be your partner."  Paramount's bankers and Ellison told Warner Bros and Zaslav that their new $30 per share offer – or $108.4 billion – was "not best and final," signaling they could go higher.  But Ellison's phone never rang. By 11 p.m. that night, media reports swirled that Warner Bros had entered exclusive talks with Netflix to sell its TV and film studios as well as the streaming business that houses HBO Max. By Friday, Netflix and Warner Bros announced a deal. On Monday, Paramount took its offer directly to Warner Bros shareholders, heating up a bidding war whose outcome will reshape the media industry. Asked to comment on the Paramount securities filing, Warner Bros Discovery said: "The board and the company have for months run a completely fair and transparent process with each of the bidders, and the bids speak for themselves.” At stake in the race are some of Hollywood's crown jewels including the Warner Bros studio, DC Comics and HBO. A deal will help Netflix extend its lead in the streaming wars, while Paramount would gain the scale in streaming to compete better with the streaming giant as well as cable assets such as CNN. PERSUASION  Bypassing a Warner Bros board that it says has "never engaged meaningfully," Paramount is betting it can persuade investors that its all-cash offer tops Netflix's $82.7 billion enterprise bid. Paramount's Ellison is the son of the world's second-richest man, Oracle co-founder Larry Ellison, who is also an ally of President Donald Trump. David Ellison has touted a quicker path to regulatory approval to investors. His Skydance Media bought Paramount Global in August, overcoming regulatory hurdles.  For its bid for Warner Bros, Paramount dropped Chinese tech firm Tencent from the investor group and secured a waiver on all governance rights from the remaining outside investors, a structure it said puts the deal outside the jurisdiction of the Committee on Foreign Investment in the United States.  Its offer is backstopped by the Ellison family and includes financing from Affinity Partners, an investment firm run by Jared Kushner, Trump's son-in-law, and several Middle Eastern government-run investment funds. Warner Bros said it would review Paramount's offer, but was not yet modifying its recommendation with respect to Netflix. Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal. ACCUSATIONS OF BIASED PROCESS The alleged breakdown in communications between Paramount and Warner Bros Discovery marked a sharp reversal from earlier, according to Paramount's filing. The Ellisons had dined with Zaslav on November 24, discussing the benefits of a deal and potential co-CEO and co-chairman roles for Zaslav in the combined company. But the warmth was short-lived. Paramount alleged delays by Warner Bros in signing a "clean team" agreement needed to review sensitive data, prompting its legal counsel to warn WBD's advisers that Paramount "would be disadvantaged" without access.  Paramount also cited in its filing a CNBC interview of Warner Bros Chairman Emeritus John Malone last month where he "lamented how Paramount 'interrupted' the Warner Bros separation and discussed the merits of Netflix as a bidder."  Paramount's tender offer will be open for 20 business days and can be extended. Warner Bros has 10 days to respond. "We're here to fight for value for our shareholders and for WBD shareholders," David Ellison said on Monday. (Reporting by Aditya Soni and Harshita Mary Varghese in Bengaluru; Additional reporting by Dawn Chmielewski in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
मनोरंजन

Warner Bros fight heats up with $108 billion hostile bid from Paramount

by Inkhabar webdesk
written by Inkhabar webdesk

By Harshita Mary Varghese, Aditya Soni and Dawn Chmielewski Dec 8 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant. Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly. The Warner Bros Discovery board of directors on Monday afternoon said it would review Paramount's offer, but was not modifying its recommendation with respect to Netflix. It advised the company to "take no action at this time" in regard to the Paramount Skydance proposal.  Paramount's $30-per-share cash offer includes financing from Affinity Partners, the investment firm run by Jared Kushner, U.S. President Donald Trump's son-in-law, and several Middle Eastern government-run investment funds, and is backstopped by the Ellison family. Larry Ellison, the world's second-richest person, is the father of Paramount head David Ellison and has close ties to the White House.  Larry Ellison called Trump after the Netflix deal was announced and told him the transaction would hurt competition, the Wall Street Journal reported, citing a White House official and a person familiar with the matter. The studio argues its bid for the entirety of Warner Bros Discovery is superior to Netflix, giving shareholders $18 billion more in cash and an easier path to regulatory approval. It said a Paramount-Warner Bros combination, which would be among the largest media deals in history, would be in the best interest of the creative community, movie theaters and consumers, who would benefit from enhanced competition.  "We believe our offer will create a stronger Hollywood," Paramount CEO David Ellison said in a statement. Separately, he said Paramount's proposal offered "higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future." Paramount's bid includes Warner Bros Discovery's cable television properties; Netflix's bid is limited to the Warner Bros film and television studios, HBO and the HBO Max streaming service.  Analysts noted that Paramount's offer comes with its own antitrust scrutiny as a consolidation of two major television operators. Last month, Democratic senators warned that such a transaction would result in "one company controlling almost everything Americans watch on TV." The combined studio would also have a greater market share than current leader Disney, and add to fears of consolidation that have hit the industry in recent years.  The offer represents a 139% premium over the company's value from before the buyout talks started, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER At a UBS conference, Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal.   "In the offer that Paramount was talking about today, the Ellisons were talking about $6 billion of synergies," said Sarandos. "Where do you think synergies come from? Cutting jobs? So we're not cutting jobs. We're making jobs." In a regulatory filing, Paramount said that the Ellison family, which owns Paramount, along with private equity firm RedBird Capital, had agreed to backstop $40.7 billion in equity capital. The offer also includes financing from Kushner's Affinity Partners, the Saudi and Qatari sovereign wealth funds, and L'imad Holding Co, owned by the government of Abu Dhabi. “A Paramount Skydance-Warner Bros merger would be a five-alarm antitrust fire and exactly what our anti-monopoly laws are written to prevent," U.S. Senator Elizabeth Warren, a Democrat, said on Monday. The hostile bid "is backed by a who's who of Trump buddies … raising serious questions about influence-peddling, political favoritism, and national security risks." If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer.  On Monday, Trump said neither bidding party "are friends of mine," and he wanted "to do what's right." He added that he had not spoken to Kushner about the Paramount bid. Netflix's bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions over concerns that it could lead to job cuts as well as higher prices for consumers. "While it is perhaps a sad commentary on the U.S. that Paramount thinks its closeness to the occupant of the Oval Office will help it seal the deal, it is merely doing what it can to steal a march on its rival," said Chris Beauchamp, chief market analyst at UK-based IG Group.  Shares of Paramount were up 7.3% on Monday. Warner Bros Discovery rose 5.3%, while Netflix shares fell 4%. TWISTS AND TURNS Reuters had already reported, citing sources familiar, that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.  "The Warner Bros Discovery acquisition is far from over," said eMarketer senior analyst Ross Benes. "Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged." Paramount maintained that it would be a champion of Hollywood and its talent, would remain committed to releasing movies in theaters, and that its path to regulatory approval would be faster than Netflix's. In its appeal to shareholders, Paramount said it submitted six proposals over the course of 12 weeks, but Warner Bros "never engaged meaningfully" with these proposals. The company said it had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.  That followed reports that Warner Bros' management called the Netflix deal a "slam dunk" while speaking negatively about Paramount's offer.  In an interview with CNBC on Monday, David Ellison said there was an "inherent bias" in the bidding.   (Reporting by Dawn Chmielewski in Los Angeles, Harshita Mary Varghese and Aditya Soni in Bengaluru; Additional reporting by Milana Vinn and Jody Godoy in New York and Jaspreet Singh in Bengaluru; Editing by David Gaffen, Arun Koyyur and Nick Zieminski)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
मनोरंजन

Netflix, Paramount fight for Warner Bros Discovery in Hollywood power tussle

by Inkhabar webdesk
written by Inkhabar webdesk

By Jaspreet Singh Dec 8 (Reuters) – Paramount Skydance launched a hostile bid worth $108.4 billion for Warner Bros Discovery, challenging a rival offer from Netflix and injecting uncertainty into the future of Hollywood's storied media company. Since 2000, the parent company of the Warner Bros movie studio has been through three major reorganizations. Now the company is facing its fourth reorganization. Here are four graphics showing why the deal involving Warner Bros Discovery matters: TO BETTER COMPETE WITH DISNEY If Paramount succeeds in acquiring Warner Bros Discovery, the combined company would surpass market leader Disney in the U.S. and Canada's box office market share. Though Disney+ remains a big competitor in the streaming space, with 15% global app monthly active user share, it lags slightly in individual user engagement metrics compared to Netflix and HBO Max, according to market intelligence firm Sensor Tower. The potential buyout will also beef up Paramount's content slate with HBO Max's critically acclaimed shows ranging from "Game of Thrones" and "Succession" to classic prestige titles such as "The Wire" and "The Sopranos." YOUTUBE CARVING OUT MARKET SHARE Alphabet's YouTube dominates other streaming platforms, with the largest share of total TV viewing time. It benefits from a combination of user-generated content, advertising revenue and live services. The video streaming service said in March that it had more than 125 million paying subscribers, though those figures include users who are signed up for temporary free trials. YouTube has around 2.9 billion global mobile app monthly active users in the current quarter, exceeding the combined MAUs of major streaming services, including Netflix, Disney+, HBO Max, Paramount+ and Peacock, according to Sensor Tower. In October, YouTube led streaming in the United States with 12.9% viewership, followed by Netflix with 8% share, according to Nielsen data. DEFINING MOMENT FOR HOLLYWOOD Shares of Warner Bros Discovery closed up over 4% on Monday, as the sale of the company would be one of the most consequential moments reshaping the media industry. With a market value of over $60 billion, the company's shares have more than doubled since reports of Paramount's interest in the company surfaced early in September. "Paramount and Netflix are both among the world's largest content spenders. There will be significant concentration in content spending if either of them purchases WBD. Paramount has more direct overlap due to theatrical releases, but the size of each bidder's content spending could spark antitrust concerns," said eMarketer analyst Ross Benes. DEALING WITH DEBT Warner Bros Discovery has roughly $35 billion in debt, meaning any deal will carry a significant debt load. The company had earlier rejected bids from Paramount, before the David Ellison-led company escalated to a hostile takeover bid. In 2022, the WarnerMedia and Discovery merger resulted in a significant debt burden, which has stifled the company's long-term strategic initiatives. Under their potential deals, Paramount is expected to assume roughly $30 billion of debt from Warner Bros Discovery, while Netflix would assume around $10 billion of debt. (Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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Warner Bros' lack of response fueled Paramount's hostile bid, filing says
Warner Bros' lack of response fueled Paramount's hostile bid, filing says
Warner Bros' lack of response fueled Paramount's hostile bid, filing says
Warner Bros' lack of response fueled Paramount's hostile bid, filing says