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Dec 8 (Reuters) – Netflix's $72 billion Warner Bros deal led to several price target cuts by Wall Street analysts as U.S. President Donald Trump warned of market-share concerns, underscoring the tough scrutiny that the acquisition is likely to face. The deal that combines the world's largest streaming service with HBO Max and a major Hollywood studio has also drawn criticism from bipartisan lawmakers and unions on concerns it could lead to job cuts and higher prices for consumers. Trump warned on Sunday while speaking at the Kennedy Center that the combined group's enlarged market share "could be a problem" and that he will be involved in the decision. White House economic adviser Kevin Hassett told CNBC on Monday that the U.S. Justice Department would examine the deal's impact for "quite a while." Netflix has agreed to a $5.8 billion termination fee if it cannot obtain regulatory approval, in a sign of confidence of a greenlight. To ease concerns of market concentration, it is likely to argue that the market for online video also includes YouTube and TikTok – two of the most popular platforms with hundreds of millions of users. "Antitrust opposition stalls consummation of the deal for a couple of years, and raises at least an element of risk about completion," said Rosenblatt analyst Barton Crockett. Hollywood unions have voiced concerns about increased market concentration, reduced film output and the potential for higher consumer costs. Rival bidder Paramount Skydance has said the deal process was biased, raising chances of a higher bid or a hostile takeover. The political dynamics may be further complicated by Warner Bros Discovery's rejection of Paramount Skydance, a studio with Trump connections, in favor of Netflix, analysts said. At least three brokerages cut their price targets for Netflix, with consensus median price target now at $139, according to data compiled by LSEG. (Reporting by Harshita Mary Varghese 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 8 (Reuters) – Netflix's $72 billion Warner Bros deal led to several price target cuts by Wall Street analysts as U.S. President Donald Trump warned of market-share concerns, underscoring the tough scrutiny that the acquisition is likely to face. The deal that combines the world's largest streaming service with HBO Max and a major Hollywood studio has also drawn criticism from bipartisan lawmakers and unions on concerns it could lead to job cuts and higher prices for consumers. Trump warned on Sunday while speaking at the Kennedy Center that the combined group's enlarged market share "could be a problem" and that he will be involved in the decision. Netflix has agreed to a $5.8 billion termination fee if it cannot obtain regulatory approval, in a sign of confidence of a greenlight. To ease concerns of market concentration, it is likely to argue that the market for online video also includes YouTube and TikTok – two of the most popular platforms with hundreds of millions of users. "Antitrust opposition stalls consummation of the deal for a couple of years, and raises at least an element of risk about completion," said Rosenblatt analyst Barton Crockett. Hollywood unions have voiced concerns about increased market concentration, reduced film output and the potential for higher consumer costs. Rival bidder Paramount Skydance has said the deal process was biased, raising chances of a higher bid or a hostile takeover. The political dynamics may be further complicated by Warner Bros Discovery's rejection of Paramount Skydance, a studio with Trump connections, in favor of Netflix, analysts said. At least three brokerages cut their price targets for Netflix, with consensus median price target now at $139, according to data compiled by LSEG. (Reporting by Harshita Mary Varghese 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.)

(This December 6 story has been repeated with no changes to the text.) By Dawn Chmielewski and Milana Vinn LOS ANGELES/NEW YORK, Dec 5 (Reuters) – What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters. Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion.  Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance. Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time. Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80% of viewing, according to one person familiar with the business.  Warner Bros' business units – particularly its theatrical distribution and promotion unit and its studio – were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation. Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.  Netflix and Warner Bros did not reply to requests for comment. The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast. 'STRATEGIC FLEXIBILITY' Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix. Around that time, banker JPMorgan Chase & Co   was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first. This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter. Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company, Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week – including multiple calls on Thanksgiving Day – to prepare a bid by the December 1 deadline. Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.   The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney.  But it would have taken years to execute, the sources said. Comcast declined to comment. Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.  Paramount declined comment. To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. “No one lights $6 billion on fire without that conviction," one of the sources said. Until the moment late on Thursday night when Netflix learned its offer had been accepted – news that was greeted by clapping and cheering on a group call – one Netflix executive confided that they thought they had only a 50-50 chance. (Reporting by Dawn Chmielewski in Los Angeles and Milana Vinn in New York; Editing by Kenneth Li 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.)

By Jeff Mason WASHINGTON, Dec 7 (Reuters) – U.S. President Donald Trump said on Sunday that he would have a say whether a proposed merger between Netflix and Warner Brothers should go forward, telling reporters the market share of a combined entity could raise concerns. "I'll be involved in that decision," Trump told reporters as he arrived at the Kennedy Center for its annual awards show. Netflix on Friday agreed to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood's most prized assets to the streaming pioneer. Trump did not say whether he favored approval for the deal, but he pointed to a potential concentration of market power in the entertainment industry. "That's going to be for some economists to tell…. But it is a big market share. There's no question it could be a problem," Trump said.     (Reporting By Jeff Mason and Steve Holland; Editing by Cynthia Osterman)

(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 Sara Rossi MILAN, Dec 7 (Reuters) – La Scala opens its new season on Sunday with Russian composer Dmitri Shostakovich's Lady Macbeth of the Mtsensk District, an opera promoting women's rights that was once banned in Russia. The Milan opera house is staging the work in a tribute to Shostakovich 50 years after his death. The opera, based on a play by Nikolai Leskov, debuted in St Petersburg in 1934 and was originally intended to be the first of a trilogy dedicated to Russian women. Despite its initial success, the opera faced criticism from the Soviet leadership, including Joseph Stalin, due to its depiction of sex, violence and female rebellion and it was banned for nearly 30 years in the country. "Opening the season with this opera is … a tribute to a 20th-century giant and to an opera that suffered for far too many years," Riccardo Chailly, La Scala's principal conductor, said. Speaking about calls to exclude Russian performers from European stages, Russian director Vasily Barkhatov said that personal political views and cultural identity should be kept separate. "If you openly support the Russian government, you must be aware of the possible consequences of your choice," Barkhatov told Reuters. "It's different, however, if you are discriminated against just because you are a Russian artist," he said. KATERINA'S CHARACTER 'LIKE A RACING CAR' The opera tells the story of Katerina who, trapped in an unhappy marriage, murders her husband and father-in-law with the help of her lover, but is eventually discovered and sent to Siberia where she commits suicide. "It's a story about women's freedom and human happiness," said Barkhatov. U.S. soprano Sara Jakubiak, who plays Katerina, said her character "is like a racing car that goes from zero to 100 km in a couple of seconds." The opera was originally set in the countryside of 19th- century Russia, but Barkhatov and Belarusian set-designer Zinovy Margolin have shifted the three and a half hour production to an urban setting of 1950s Moscow. "We wanted to do something different. We thought that setting it in the city where Shostakovich lived would be fitting," said Margolin. Russian tenor Yevgeny Akimov plays Katerina's husband, Zinovy, while Uzbek tenor Najmiddin Mavlyanov stars as her lover Sergey. This season will be the first for La Scala's new artistic director, Fortunato Ortombina. La Scala, inaugurated in 1778, has become one of the world's most prestigious opera and ballet theatres. The opening night of La Scala's season is a highlight of the social calendar for Italy's political and business elite, coinciding with Milan's St. Ambrose holiday celebrating the city's patron saint. Sunday's opening performance, which is sold out, will have an audience of 2,000 people. Tickets, costing as much as 3,200 euros ($3,725) – will generate a record 2.8 million euros in revenue. The opera will be performed at La Scala ‪until December 30. ($1 = 0.8590 euros) (Reporting by Sara Rossi, editing by Gavin Jones and Jane Merriman)

(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 Jeff Mason WASHINGTON, Dec 7 (Reuters) – U.S. President Donald Trump said on Sunday that he would have a say whether a proposed merger between Netflix and Warner Brothers should go forward, telling reporters the market share of a combined entity could raise concerns. "I'll be involved in that decision," Trump told reporters as he arrived at the Kennedy Center for its annual awards show. Netflix on Friday agreed to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood's most prized assets to the streaming pioneer. Trump did not say whether he favored approval for the deal, but he pointed to a potential concentration of market power in the entertainment industry. "That's going to be for some economists to tell…. But it is a big market share. There's no question it could be a problem," Trump said.     (Reporting By Jeff Mason and Steve Holland; Editing by Cynthia Osterman)

(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 Jeff Mason WASHINGTON, Dec 7 (Reuters) – U.S. President Donald Trump said on Sunday that he would have a say whether a proposed merger between Netflix and Warner Brothers should go forward, telling reporters the market share of a combined entity could raise concerns. "I'll be involved in that decision," Trump told reporters as he arrived at the Kennedy Center for its annual awards show. Netflix on Friday agreed to buy Warner Bros Discovery's TV, film studios and streaming division for $72 billion, a deal that would hand control of one of Hollywood's most prized assets to the streaming pioneer. Trump did not say whether he favored approval for the deal, but he pointed to a potential concentration of market power in the entertainment industry. "That's going to be for some economists to tell…. But it is a big market share. There's no question it could be a problem," Trump said.     (Reporting By Jeff Mason and Steve Holland; Editing by Cynthia Osterman)

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