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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.  Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions on concerns that it could lead to job cuts as well as higher prices for consumers. TWISTS AND TURNS However, Paramount's bid could also face its own level of scrutiny. A Paramount-Warner Bros combination would boost its dominant position in the studio business that some also worry could lead to job losses as the industry rapidly consolidates. 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. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged," said Emarketer senior analyst Ross Benes. Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections.  Paramount remains one of Hollywood's major studios, but its box office record has been uneven, with occasional franchise wins offset by periods in which its slate has trailed Disney, Universal and Warner Bros in U.S. market share. 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.  'BIAS AGAINST US' In an interview with CNBC on Monday, Paramount CEO David Ellison said there is an "inherent bias" against his company in the bidding. "We will be the largest investor in this deal. We're literally sitting here today because we are fighting for our shareholders, and we're also fighting for the shareholders of Warner Bros Discovery," Ellison said in an interview with CNBC. Some analysts and industry experts see Paramount as the best candidate for acquiring Warner Bros Discovery, given Ellison's deep pockets – backed by his father, Oracle co-founder and the world's second-richest person, Larry Ellison, who has close ties with the Trump administration. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. The combined company will have substantial overlap and its combined streaming revenue would decline unless Netflix doubles its prices or runs separate platforms, neither of which the brokerage expects, Morningstar analysts have said.  Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  Analysts said Netflix's motivation would stem from securing exclusive, long-term control over premium IP and reducing reliance on external studios as it expands into gaming, live entertainment and broader consumer ecosystems. Access to WBD's vast IP trove would provide immediate credibility, audience reach and merchandising potential for its gaming ambitions, an area where Netflix is still building original content and brand recognition. (Reporting by Harshita Mary Varghese and Aditya Soni in Bengaluru; Editing by Arun Koyyur)

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

Dec 5 (Reuters) – Paramount Skydance made a hostile bid for Warner Bros Discovery in a deal valued at $108.4 billion, throwing a wrench into Netflix's $82.7 billion deal for the company's TV, film studios and streaming assets. Here's a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale. Date Event 1922 Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader. The first issue of Time magazine was published in March 1923. 1923 Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films. 1969  Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. 1972 HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television. 1990 Time Inc merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world. 1996  Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast classic film library. 2000  Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. 2002 AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL. 2003 CEO Steve Case resigns from AOL Time Warner. 2004 Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion. 2009 Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.  2009  Time Warner spins off AOL.  2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing. 2016 AT&T announces acquisition of Time Warner for $85 billion. 2018 AT&T completes its acquisition of Time Warner after regulator's approval, renaming it WarnerMedia. 2021 AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. 2022 WarnerMedia and Discovery complete their merger in a $43 billion deal. June 2025 Warner Bros Discovery announces it would separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets. October Warner Bros Discovery's board rejects a 2025 Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors. November Axios reports that Warner Bros Discovery's 2025 board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November Warner Bros Discovery receives preliminary 2025 buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December Warner Bros Discovery receives a second 2025 round of bids, including a mostly cash offer from Netflix. December Paramount Skydance accuses Warner Bros 2025 Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company. December Netflix is in exclusive talks to 2025 buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December Netflix agrees to buy Warner Bros 2025 Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December Paramount Skydance makes a hostile bid for 2025 Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. (Reporting by Kritika Lamba, Meghana Khare and Anhata Rooprai in Bengaluru; Editing by Sriraj Kalluvila, Shinjini Ganguli and Leroy Leo)

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

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 is not modifying its recommendation with respect to Netflix. It advised the company to "take no action at this time" in regards 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.  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 also argued that 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.   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 Walt Disney Co, and add to fears of consolidation that have hit the industry hard in recent years.  The offer represents a 139% premium over the company's undisturbed stock price, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER Warner Bros Discovery and Netflix did not immediately respond to requests for comment on Paramount's deal. 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. Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The 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 8% on Monday. Warner Bros Discovery rose 3%, while Netflix shares fell 4.7%. One company that appears to be out of the running is NBCUniversal parent Comcast, whose president Mike Cavanagh said the company was not interested in taking its balance sheet to "any stressful level" to buy Warner Bros. 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.  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. "Our proposal is superior to Netflix's in every dimension, higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future," said Ellison. 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 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 has argued the combination of its Paramount+ streaming service with Warner Bros' HBO Max would position it for growth, and create a meaningful competitor to Netflix, Amazon Prime Video or Walt Disney's Disney+.  'BIAS AGAINST US' 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, Paramount CEO David Ellison said there was an "inherent bias" in the bidding. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. In his CNBC interview Monday, Ellison said he had "great conversations" with Trump, but did not characterize the discussions. Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  (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.)

By Jaspreet Singh, Juby Babu and Kritika Lamba Dec 5 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, challenging a rival offer from streaming pioneer Netflix. The streaming pioneer on Friday agreed to buy Warner Bros Discovery's iconic studio and streaming assets for $72 billion, a move that could reshape Hollywood by creating a vertically integrated media powerhouse. U.S. President Donald Trump said on Sunday that he would have a say whether a proposed merger between Netflix and Warner Bros should go forward, fanning fears of tough scrutiny that the buyout could face. The media and entertainment industry is currently experiencing profound shifts, marked by intense competition and a transition to streaming amid a declining traditional linear television business. Here is a snapshot of how major media companies are performing in a tough industry: WARNER BROS DISCOVERY The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman." Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group. The company's total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios' revenue declined 5% to $11.61 billion. Warner Bros Pictures Animation began its journey with the iconic "Looney Tunes" in 1930 and has produced classics such as "The Iron Giant," "The Lego Movie" franchise and "Happy Feet." The company's direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year. NETFLIX The streaming company's revenue rose about 16% to $39 billion last year. It had 301.6 million total subscribers in 2024. It primarily derives revenue from subscriptions and has also rolled out ad-supported plans. Major movies and series include "Stranger Things" and "KPop Demon Hunters". It added 589 new Netflix Originals in 2024, up nearly 4% from 2023. YOUTUBE Owned by Alphabet, YouTube said in March that it had over 125 million paying subscribers though those figures include users who are signed up for temporary free trials. Ads comprise the majority of YouTube's revenue, accounting for $36 billion of Alphabet's $350 billion in overall 2024 revenue. For the third quarter of 2025, the video streaming service posted advertising revenue of $10.26 billion. YouTube TV has seen rapid growth as a pay-TV platform and is the fourth-largest pay-TV provider in the U.S. with about 10 million subscribers. WALT DISNEY Walt Disney and brother Roy Disney founded "Disney Brothers Cartoon Studio" after signing a contract with distributor M.J. Winkler for "Alice Comedies" in October 1923. The studio was renamed Walt Disney Studios in 1926. Its portfolio also includes Pixar Animation Studios, Lucasfilm, Marvel Studios, Searchlight Pictures and 20th Century Studios. The company's total revenue rose 3% to $91.36 billion last year. Disney ended the fourth quarter of fiscal 2025 with 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from the year-ago period. Disney is home to popular film franchises such as "Avengers," "Guardians of the Galaxy," "Pirates of the Caribbean" and "Star Wars". It is also home to the ABC network. Cumulatively through September 28, 2024, the company had released about 1,100 full-length live-action films and 100 full-length animated films. Disney closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets in 2019, expanding its portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises.   PARAMOUNT GLOBAL Before its merger with Skydance Media, Paramount's total revenue fell 1% to $29.21 billion last year. Its TV Media segment revenue, which makes up the bulk of its sales, fell 7% to $18.78 billion, hurt by declines in linear advertising and fewer major sporting events on CBS. By contrast, the direct-to-consumer division, which includes Paramount+ and Pluto TV, surged 13% to $7.63 billion, driven by subscriber growth and price increases. Founded in 1912, the studio's library consists of more than 1,200 film titles including "Star Trek," "The Godfather" and "Mission: Impossible," with rights to an additional 2,800. Paramount is the parent of CBS and agreed to pay $16 million to settle a lawsuit filed by U.S. President Donald Trump against the network over a "60 Minutes" interview. In the third quarter of 2025, Paramount+ added 1.4 million subscribers, bringing its total to 79.1 million worldwide.  The company also narrowed its streaming losses, signaling progress toward its goal of achieving domestic profitability in 2025. Paramount Pictures, considered the jewel of Paramount Global, has attracted many suitors over the years.   COMCAST Total revenue for Comcast, which owns NBCUniversal, rose 1.8% to $123.73 billion for fiscal 2024. Peacock streaming service generated revenue of $4.9 billion last year and as of the third quarter of 2025, Peacock had 41 million total paid subscribers. Universal Pictures, founded in 1912, has created classics such as "Jurassic Park," "Fast and Furious," "Minions," "Jaws" and "E.T. the Extraterrestrial". Its film library consists of more than 6,500 titles, according to its annual report. Comcast is in the process of spinning off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant early next year. AMAZON Amazon.com, best known for its e-commerce business, has built a significant presence in streaming through Prime Video, a service included with its Prime membership that produces a wide range of original programming, from hit series like "The Boys" and "The Lord of the Rings: The Rings of Power" to big-budget films, and also rents and sells movies and TV shows to both members and non-members.  In 2022, Amazon deepened its entertainment push by acquiring MGM for $8.5 billion, adding thousands of films and TV episodes, including the "James Bond" franchise, to its library. (Reporting by Jaspreet Singh, Kritika Lamba in Bengaluru and Juby Babu in Mexico City; 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.)

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.  Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions on concerns that it could lead to job cuts as well as higher prices for consumers. TWISTS AND TURNS However, Paramount's bid could also face its own level of scrutiny. A Paramount-Warner Bros combination would boost its dominant position in the studio business that some also worry could lead to job losses as the industry rapidly consolidates. 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. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged," said Emarketer senior analyst Ross Benes. Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections.  Paramount remains one of Hollywood's major studios, but its box office record has been uneven, with occasional franchise wins offset by periods in which its slate has trailed Disney, Universal and Warner Bros in U.S. market share. 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.  'BIAS AGAINST US' In an interview with CNBC on Monday, Paramount CEO David Ellison said there is an "inherent bias" against his company in the bidding. "We will be the largest investor in this deal. We're literally sitting here today because we are fighting for our shareholders, and we're also fighting for the shareholders of Warner Bros Discovery," Ellison said in an interview with CNBC. Some analysts and industry experts see Paramount as the best candidate for acquiring Warner Bros Discovery, given Ellison's deep pockets – backed by his father, Oracle co-founder and the world's second-richest person, Larry Ellison, who has close ties with the Trump administration. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. The combined company will have substantial overlap and its combined streaming revenue would decline unless Netflix doubles its prices or runs separate platforms, neither of which the brokerage expects, Morningstar analysts have said.  Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  Analysts said Netflix's motivation would stem from securing exclusive, long-term control over premium IP and reducing reliance on external studios as it expands into gaming, live entertainment and broader consumer ecosystems. Access to WBD's vast IP trove would provide immediate credibility, audience reach and merchandising potential for its gaming ambitions, an area where Netflix is still building original content and brand recognition. (Reporting by Harshita Mary Varghese and Aditya Soni in Bengaluru; Editing by Arun Koyyur)

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

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 is not modifying its recommendation with respect to Netflix. It advised the company to "take no action at this time" in regards 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.  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 also argued that 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.   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 Walt Disney Co, and add to fears of consolidation that have hit the industry hard in recent years.  The offer represents a 139% premium over the company's undisturbed stock price, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER Warner Bros Discovery and Netflix did not immediately respond to requests for comment on Paramount's deal. 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. Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The 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 8% on Monday. Warner Bros Discovery rose 3%, while Netflix shares fell 4.7%. One company that appears to be out of the running is NBCUniversal parent Comcast, whose president Mike Cavanagh said the company was not interested in taking its balance sheet to "any stressful level" to buy Warner Bros. 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.  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. "Our proposal is superior to Netflix's in every dimension, higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future," said Ellison. 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 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 has argued the combination of its Paramount+ streaming service with Warner Bros' HBO Max would position it for growth, and create a meaningful competitor to Netflix, Amazon Prime Video or Walt Disney's Disney+.  'BIAS AGAINST US' 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, Paramount CEO David Ellison said there was an "inherent bias" in the bidding. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. In his CNBC interview Monday, Ellison said he had "great conversations" with Trump, but did not characterize the discussions. Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  (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.)

Dec 8 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery

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

(Corrects typo in headline tag) Dec 8 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, as it looks to scupper the Hollywood studio's deal with Netflix, in a last-ditch effort to 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.  Here's what analysts and market experts are saying about the latest development:         CHRIS BEAUCHAMP, CHIEF MARKET ANALYST AT IG GROUP, UK "Paramount clearly thinks it has the upper hand here, and that the benefits are worth the punchy price tag and the all-cash offer. While it is perhaps a sad commentary on the US 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. Now we wait to see if Netflix is prepared to undergo more short-term shareholder pain by sweetening its deal." BEN BARRINGER, HEAD OF TECHNOLOGY RESEARCH, QUILTER CHEVIOT, LONDON "Paramount's blockbuster bid for Warner Brothers underscores that we are just at the beginning of this saga rather than at the end point. Following Netflix's surprise bid for the entertainment giant at the end of last week, a rival bid from Paramount was expected and as expected they have looked to push Netflix to the sidelines with a significantly higher value." "Paramount ultimately needs this deal more than Netflix, and that may be a driving factor in the valuation it is putting on Warner Bros. Paramount remains a legacy entertainment provider that lacks the scale required for the modern age. Consolidating amongst peers is the sensible play and gives them the best opportunity to rival Disney for that number two slot behind Netflix." MKI GLOBAL PARTNERS, LONDON "In Washington, the concern will be about a single group controlling a very large slice of US general entertainment, kids and sports networks, with scope to lean on distributors and advertisers and to push prices up. That is the discussion the DOJ will likely want to have about this combination, even if it comes pre-blessed by the White House." ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK "It's bullish for the media. Whoever ends up acquiring those assets will be the winner. It's one company that's being acquired. This doesn't change disrupt the media business. All it is, is consolidating the media business. You have companies that have a lot of cash, like Paramount and Netflix.  "They have deep pockets. There could be a bidding war here, but the reality is whoever walks out with those assets, it's going to benefit the shareholders of that company, assuming they don't overpay."     PAOLO PESCATORE, ANALYST, PP FORESIGHT, LONDON "This is turning messy very quickly and seems like sour grapes. There were concerns that Paramount Skydance would challenge the auction process. For Paramount Skydance, it would have been far easier and more efficient to bid appropriately through the auction." "While a decision has been made, Warner Bros Discovery will need to consider all options. In essence, there is so much more at stake than simply offering a bigger deal. This latest episode has the makings of a TV show in its own right." "I, like many, was surprised by the outcome as Paramount Skydance seemed to be in pole position given its interest in acquiring the entire company. This would have been the far easiest outcome for WBD, without the need to separate Global Networks later, as is currently the case."             ROSS BENES, SENIOR ANALYST, EMARKETER  "The Warner Bros Discovery acquisition is far from over. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators and politicians to try to stymie Netflix. The battle could become prolonged." CRAIG HUBER, ANALYST, HUBER RESEARCH PARTNERS, CONNECTICUT "Paramount should be very careful taking on the amount of debt they are proposing to fund buying Warner Bros. Discovery, in our opinion, regardless of the synergies given the long-term secular revenue pressure the legacy businesses face which are not going away. Debt is not your friend with media stocks. Did putting CBS and Viacom together work out?" (Reporting by Jaspreet Singh, Arnav Mishra, Arpan Varghese and Avinash P in Bengaluru Editing by Anil D'Silva)

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

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.  Paramount argued that its $30-per-share, all-cash offer for the entirety of Warner Bros Discovery is superior to Netflix's bid, providing shareholders $18 billion more in cash and an easier path to regulatory approval. It also argued that the combination of Paramount and Warner Bros 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.  However, analysts noted that Paramount's offer comes with its own risks, including additional debt needed to make the transaction work. A Paramount-Warner Bros combination would boost its dominant position in the studio business, giving it a greater market share than current leader Walt Disney Co, and add to fears of consolidation that have hit the industry hard in recent years.  KUSHNER, SAUDIS PART OF PARAMOUNT OFFER Warner Bros Discovery and Netflix did not immediately respond to requests for comments on Paramount's deal. In a regulatory filing, Paramount said that the Ellison family, which owns Paramount, along with private equity firm RedBird, had agreed to backstop $40.7 billion in equity capital. The offer also includes financing from Affinity Partners, run by President Trump's son-in-law Jared Kushner; other financing comes from the Saudi and Qatari sovereign wealth funds and L'imad Holding Co, owned by the government of Abu Dhabi. Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The 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. Shares of Paramount were up 6.8% on Monday. Warner Bros Discovery rose 5.5%, 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.  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. "Our proposal is superior to Netflix's in every dimension, higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future," said Ellison. 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 $30 cash offer represents a 139% premium over the company's undisturbed stock price, and bests Netflix's $27.75 offer that mixes cash and stock. "The Warner Bros Discovery acquisition is far from over. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged," said eMarketer senior analyst Ross Benes. Paramount has argued the combination of its Paramount+ streaming service with Warner Bros' HBO Max would position it for growth, and create a meaningful competitor to Netflix, Amazon Prime Video or Walt Disney's Disney+ – offering consumers more choice.  Warner Bros' television networks, which include CNN and TNT, would be in a stronger position, when united with Paramount's television portfolio, the studio argued.  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.  'BIAS AGAINST US' In an interview with CNBC on Monday, Paramount CEO David Ellison said there is an "inherent bias" against his company in the bidding. Some analysts and industry experts see Paramount as the best candidate for acquiring Warner Bros, given Ellison's deep pockets – backed by his father, Oracle co-founder and the world's second-richest person, Larry Ellison, who has close ties with the Trump administration. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. In his CNBC interview Monday, Ellison said he had "great conversations" with Trump, but did not characterize the discussions. "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. The combined company will have substantial overlap and its combined streaming revenue would decline unless Netflix doubles its prices or runs separate platforms, neither of which the brokerage expects, Morningstar analysts have said.  Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  (Reporting by Harshita Mary Varghese and Aditya Soni in Bengaluru; Editing by 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.)

(Corrects to remove extraneous text in paragraph 5, corrects spelling of Cavanagh in paragraph 14) 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.  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.  The studio argues its bid for the entirety of Warner Bros Discovery is superior to Netflix's bid, providing shareholders $18 billion more in cash and an easier path to regulatory approval. It also argued that Paramount-Warner Bros combination 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.   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 Walt Disney Co, and add to fears of consolidation that have hit the industry hard in recent years.  The offer represents a 139% premium over the company's undisturbed stock price, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER Warner Bros Discovery and Netflix did not immediately respond to requests for comment on Paramount's deal. 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. Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The 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 7.7% on Monday. Warner Bros Discovery rose 5%, while Netflix shares fell 4.5%. One company that appears to be out of the running is NBCUniversal parent Comcast, whose president Mike Cavanagh said the company was not interested in taking its balance sheet to "any stressful level" to buy Warner Bros. 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.  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. "Our proposal is superior to Netflix's in every dimension, higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future," said Ellison. 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 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 has argued the combination of its Paramount+ streaming service with Warner Bros' HBO Max would position it for growth, and create a meaningful competitor to Netflix, Amazon Prime Video or Walt Disney's Disney+.  'BIAS AGAINST US' 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, Paramount CEO David Ellison said there was an "inherent bias" in the bidding. Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder. In his CNBC interview Monday, Ellison said he had "great conversations" with Trump, but did not characterize the discussions. Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.  (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.)