Inkhabar webdesk

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 and Steve Holland WASHINGTON, Dec 7 – President Donald Trump solidified his takeover of Washington's John F. Kennedy Center for the Performing Arts on Sunday by hosting its flagship awards program, mixing politics with a celebration of stars from music and film. This year's Kennedy Center Honors, widely seen as the top U.S. recognition for lifetime achievement in the performing arts, feted actor Sylvester Stallone, disco singer Gloria Gaynor, country musician George Strait, "Phantom of the Opera" star Michael Crawford and rock band KISS. Trump, who had a hand in picking the recipients, did not attend Kennedy Center events during his first term. But he has taken a keen interest in the institution during his second, firing its president, installing a new board that made him chair and ordering a renovation of the building. He told reporters as he arrived for the show that the Kennedy Center is "going to be brought back to life."  "We are saving the Kennedy Center," Trump said, with first lady Melania Trump at his side. The former real estate developer is putting his stamp on both the White House and the Kennedy Center structures, controversially tearing down the White House's East Wing to make room for a 90,000-square-foot ballroom. The Kennedy Center's new president, Ric Grenell, who once served as Trump's ambassador to Germany, is overseeing the performing arts complex's multi-million-dollar renovation and revamping the organization's events, including hosting the World Cup final draw on Friday.  Grenell's tenure has been marked by staff turnover and discontent in the arts community about the center's direction.   In the Oval Office on Saturday, Trump praised this year's honorees and gave them newly designed gold medallions with blue ribbons, rather than the rainbow-colored ribbons used since 1978 to represent the spectrum of performing arts. "These are among the greatest artists, actors and performers of their generation," Trump said. "We can hardly imagine the country music phenomenon without its king of country, or the American disco without its first lady, or Broadway without its phantom…or Rock and Roll without its hottest band in the world, and that's what they are, or Hollywood without one of its greatest visionaries." KISS members Paul Stanley, Gene Simmons, Ace Frehley, and Peter Criss rose to fame in the 1970s with hits such as "I Was Made for Lovin' You" and "Rock and Roll All Nite." Country star Strait's hits include the song "Down and Out." Gaynor is known for her disco hit "I Will Survive." English stage actor Crawford originated the lead role in the Andrew Lloyd Webber musical "The Phantom of the Opera," and film star Stallone established himself with movies such as "Rocky" and "Rambo." The Kennedy Center Honors show will air on the CBS television network on December 23. (Reporting by Jeff Mason and Steve Holland; Editing by Cynthia Osterman and Sergio Non.)

(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 – President Donald Trump will solidify his takeover of Washington's John F. Kennedy Center for the Performing Arts on Sunday when he hosts its annual flagship event. This year's Kennedy Center Honors, widely seen as the top U.S. recognition for achievement in performing arts, will fete actor Sylvester Stallone, disco singer Gloria Gaynor, country musician George Strait, "Phantom of the Opera" star Michael Crawford and rock band KISS. Trump, who had a hand in picking the recipients, did not attend Kennedy Center events during his first term. But he has taken a keen interest in the institution during his second, firing its president, installing a new board that made him chair and ordering a renovation of the building.   "It's been tired. It's been mistreated, a little bit like the White House has been mistreated," Trump said on Saturday about the Kennedy Center building. The former real estate developer is putting his stamp on both structures, controversially tearing down the White House's East Wing to make room for a 90,000-square-foot ballroom.  The Kennedy Center's new president, Ric Grenell, who once served as Trump's ambassador to Germany, is overseeing the performing arts complex's multi-million-dollar renovation and revamping the organization's events, including hosting the World Cup final draw on Friday. Grenell's tenure has been marked by staff turnover and discontent in the arts community about its direction.   At the Oval Office on Saturday, Trump praised this year's honorees and gave them newly designed gold medallions with blue ribbons, rather than the rainbow-colored ribbons used since 1978 to represent the spectrum of performing arts. "These are among the greatest artists, actors and performers of their generation," Trump said. "We can hardly imagine the country music phenomenon without its king of country, or the American disco without its first lady, or Broadway without its phantom…or Rock and Roll without its hottest band in the world, and that's what they are, or Hollywood without one of its greatest visionaries." KISS members Paul Stanley, Gene Simmons, Ace Frehley, and Peter Criss rose to fame in the 1970s with hits such as "I Was Made for Lovin' You" and "Rock and Roll All Nite." Country star Strait's hits include the song "Down and Out." Gaynor is known for her disco hit "I Will Survive." English stage actor Crawford originated the lead role in the Andrew Lloyd Webber musical "The Phantom of the Opera," and film star Stallone established himself with movies such as "Rocky" and "Rambo." The show will air on CBS on December 23. (Reporting by Jeff Mason; 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 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 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 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 Olivia Le Poidevin, Johnny Cotton and Cecile Mantovani GENEVA, Dec 5 (Reuters) – The Eurovision Song Contest was facing a potential budget squeeze after Spain, the Netherlands, Ireland and Slovenia said they would withdraw from next year's competition in protest at Israel's participation. The planned boycott brought to a head a row that has overshadowed the past two contests, and followed threats by the four they would pull out if the organiser did not exclude Israel over the conduct of its war against Hamas in Gaza. The walkout by Spain, one of the "big five" backers of the contest, and two of Europe's wealthiest countries, raises the prospect of less sponsorship income and viewers for the extravaganza that draws millions of viewers worldwide. AUSTRIA TO HOST EUROVISION IN MAY Austria will host the next edition in May, and national broadcaster ORF said the loss of the four would be felt – but would not prevent a successful show. "Overall, it would of course be a financial burden if several countries did not participate, but we had already taken this into account," ORF chief Roland Weissmann said. Members of the contest organiser, the European Broadcasting Union, on Thursday resisted calls by critics for a vote on Israel's participation, instead passing new rules aimed at discouraging governments from influencing the competition. "There are no winners here regardless of whether Israel's in or out, the whole thing feels a little bit toxic now," said Eurovision expert Paul Jordan, who noted the walkouts would hit the budget and viewership. Israel's 1998 Eurovision winner, Dana International, saw the boycott as insulting. "You don't punish an entire country because you disagree politically with its government," she said. Ireland's 1994 winner, Paul Harrington, said politics and world events were hard for the competition to avoid. "It's difficult, although it would be lovely to say, let's have this little moment every year where we forget about everything," he told Reuters from Dublin. BROADCASTERS CONTRIBUTE TO FINANCING The contest is mostly financed by contributions from broadcasters, the hosts, and sponsorship and revenue from the event, according to the Eurovision website. It does not disclose details of how much each country pays. Contributions from some 40 participating broadcasters are divvied up on the principle that the strongest shoulder the biggest burden. It also includes a contribution from the host broadcaster generally worth between 10 and 20 million euros. The host city also contributes, buttressed by revenues from sponsorship, ticket sales, televoting and merchandise. About 5.8 million viewers in Spain watched Eurovision 2025, Spanish broadcaster RTVE said. In the Netherlands, an average of 3.4 million people tuned in, Dutch broadcaster AvroTros said. Both declined to give details on their financial contributions. Irish broadcaster RTE said it had paid an annual EBU fee to participate in the 2025 contest of 100,270 euros. Contest director Martin Green says Eurovision is financially secure, and that any loss of audience could be compensated by the return of Bulgaria, Romania and Moldova next year. Still, the combined population of the four protesting nations is more than 2-1/2 times that of the three returners. And their combined economic output is many times greater. Israel's 2025 entrant, Yuval Raphael, was at the Nova music festival, a target of the October 7, 2023 attack by Palestinian militant group Hamas on Israel that triggered the Gaza war. A total of 1,200 people were killed and 251 taken hostage in the assault by Hamas, according to Israeli tallies. More than 70,000 people have been killed in Gaza in the ensuing conflict, according to health authorities in the enclave. (Additional reporting by Emily Rose in Jerusalem, Francois Murphy in Vienna, Charlotte Van Campenhout in Amsterdam, Emma Pinedo Gonzalez in Madrid and Padraic Halpin in Dublin; Writing by Dave Graham; Editing by Alex Richardson)

(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 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 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.)