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By Zaheer Kachwala Jan 21 (Reuters) – "YouTube is not just user-generated content and cat videos anymore," Netflix CEO Ted Sarandos said on Tuesday. Making a compelling case for why the streaming giant wanted Warner Bros Discovery's studio and streaming assets, Sarandos noted how tech giants such as Alphabet's YouTube had changed what television viewing meant and forced Netflix to change tack to keep up. "TV is not what we grew up on … Oscars and the NFL are on YouTube. Networks are simulcasting the Super Bowl on linear TV and streaming. Amazon owns MGM. Apple is competing for Emmys and Oscars, and Instagram is coming next," he said. "They are TV. So we all compete with them in every dimension, for talent, for ad dollars, for subscription dollars, and for all forms of content." Sarandos and his co-CEO Greg Peters spent a large portion of the post-earnings call talking effusively about how strong and complementary Warner Bros' services were, a sharp change from the long-held company credo: build, don't buy. Having offered $82.7 billion in cash to buy Warner Bros' film and television studios, its extensive content library and major entertainment franchises – including "Game of Thrones" and "Harry Potter" – Netflix is embroiled in a bidding war with Paramount Skydance.  Netflix's co-CEOs had not thought they would make an offer for the assets when they first started the due diligence process on Warner Bros, they said. "When we got into the hood, there were several things we saw that were just really exciting," Peters said. "We have often in our Netflix history debated building a theatrical business, but we were busy investing in other areas, and it never became our priority. But now with Warner Bros, they bring a mature, well-run theatrical business with amazing films, and we're super excited about that addition," he said, in a reversal of Netflix's former position that theaters were an outdated model with audiences preferring stay-at-home streaming.  "And then you get to the streaming side of things, HBO. It is an amazing brand. It says prestige TV is better than almost anything. Customers know it. They love it. They know what it means," Peters said, adding that Warner's television studio was also a healthy business and complemented Netflix's own, expanding its production capability. INVESTORS ARE NOT CONVINCED With the expensive deal hanging over its head, Netflix delivered a tepid revenue beat for what is usually one of its strongest quarters, and forecast equally dull prospects for the new year. The company's stock fell nearly 6% premarket on Wednesday. While a strong content line-up, including the final season of hit sci-fi series "Stranger Things," helped revenue growth, high costs associated with the Warner Bros acquisition have made people apprehensive about the long-term payoff, analysts said.  Netflix said previously that it had obtained commitments for a $59 billion bridge loan to support the Warner Bros' deal. On Tuesday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer. Netflix also told investors it would pause share buybacks to help fund the Warner Bros' deal, and that it has already incurred $60 million in costs related to securing financing. The deal is expected to face considerable scrutiny from lawmakers and competition regulators as high-profile acquisitions threaten to monopolize the market and leave consumers with fewer choices.  But Sarandos on Tuesday moved to ease those concerns by reiterating the deal would be "pro-consumer" and "pro-worker", and that the acquired businesses would require new teams and would allow more opportunities for creatives.  The deal "allows us to gain access to 100 years of Warner Bros deep content and IP for development and distribution in more effective ways that will benefit consumers and the industry as a whole," he said. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and 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 Zaheer Kachwala Jan 21 (Reuters) – "YouTube is not just user-generated content and cat videos anymore," Netflix CEO Ted Sarandos said on Tuesday. Making a compelling case for why the streaming giant wanted Warner Bros Discovery's studio and streaming assets, Sarandos noted how tech giants such as Alphabet's YouTube had changed what television viewing meant and forced Netflix to change tack to keep up. "TV is not what we grew up on … Oscars and the NFL are on YouTube. Networks are simulcasting the Super Bowl on linear TV and streaming. Amazon owns MGM. Apple is competing for Emmys and Oscars, and Instagram is coming next," he said. "They are TV. So we all compete with them in every dimension, for talent, for ad dollars, for subscription dollars, and for all forms of content." Sarandos and his co-CEO Greg Peters spent a large portion of the post-earnings call talking effusively about how strong and complementary Warner Bros' services were, a sharp change from the long-held company credo: build, don't buy. Having offered $82.7 billion in cash to buy Warner Bros' film and television studios, its extensive content library and major entertainment franchises – including "Game of Thrones" and "Harry Potter" – Netflix is embroiled in a bidding war with Paramount Skydance.  Netflix's co-CEOs had not thought they would make an offer for the assets when they first started the due diligence process on Warner Bros, they said. "When we got into the hood, there were several things we saw that were just really exciting," Peters said. "We have often in our Netflix history debated building a theatrical business, but we were busy investing in other areas, and it never became our priority. But now with Warner Bros, they bring a mature, well-run theatrical business with amazing films, and we're super excited about that addition," he said, in a reversal of Netflix's former position that theaters were an outdated model with audiences preferring stay-at-home streaming.  "And then you get to the streaming side of things, HBO. It is an amazing brand. It says prestige TV is better than almost anything. Customers know it. They love it. They know what it means," Peters said, adding that Warner's television studio was also a healthy business and complemented Netflix's own, expanding its production capability. INVESTORS ARE NOT CONVINCED With the expensive deal hanging over its head, Netflix delivered a tepid revenue beat for what is usually one of its strongest quarters, and forecast equally dull prospects for the new year. The company's stock fell nearly 6% premarket on Wednesday. While a strong content line-up, including the final season of hit sci-fi series "Stranger Things," helped revenue growth, high costs associated with the Warner Bros acquisition have made people apprehensive about the long-term payoff, analysts said.  Netflix said previously that it had obtained commitments for a $59 billion bridge loan to support the Warner Bros' deal. On Tuesday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer. Netflix also told investors it would pause share buybacks to help fund the Warner Bros' deal, and that it has already incurred $60 million in costs related to securing financing. The deal is expected to face considerable scrutiny from lawmakers and competition regulators as high-profile acquisitions threaten to monopolize the market and leave consumers with fewer choices.  But Sarandos on Tuesday moved to ease those concerns by reiterating the deal would be "pro-consumer" and "pro-worker", and that the acquired businesses would require new teams and would allow more opportunities for creatives.  The deal "allows us to gain access to 100 years of Warner Bros deep content and IP for development and distribution in more effective ways that will benefit consumers and the industry as a whole," he said. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and 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 Danielle Broadway Jan 20 (Reuters) – Actor-director Timothy Busfield, known for roles in "The West Wing" and "Field of Dreams," was ordered to be released from jail on Tuesday as he awaits further proceedings on child sexual abuse charges after a New Mexico judge called the evidence against him "neutral." Prosecutors allege Busfield, who is married to actor Melissa Gilbert, improperly touched two young cast members – twin boys – while directing the Fox TV drama "The Cleaning Lady," which was filmed in New Mexico. Busfield, 68, turned himself in last week after prosecutors in Albuquerque filed a criminal complaint charging him with child abuse and two counts of criminal sexual contact with a minor. He has professed his innocence, calling the allegations against him "lies." "As it stands today, with the limited information I have in front of me, I'll characterize the weight of the evidence against the defendant as neutral at this point," Judge David Murphy said at a court hearing on Tuesday.  The judge ordered Busfield released from custody pending further proceedings in the case. A preliminary hearing was scheduled for January 29, during which prosecutors will need to establish probable cause to proceed to a trial. According to an arrest warrant affidavit that accompanied the criminal complaint, the twin boys, now 11, reported the alleged contact occurred over a two-year period, when they were aged 7 and 8. Busfield was an executive producer of the show and began directing episodes around the end of the second season in 2022.   Deputy District Attorney Savannah Brandenburg-Koch told the court on Tuesday that a hospital doctor first contacted law enforcement in November 2024 after the boys told the physician that Busfield had engaged in behavior that could be characterized as "grooming." But she said the boys alleged acts of actual sexual abuse to a therapist in September 2025.     Defense lawyer, Christopher Dodd, countered that the twins had denied they were sexually abused by Busfield under questioning from a law enforcement officer. In the recording of the interview, which was played in court, the officer asks each of the boys if they had been "touched in private areas" by Busfield, and the boys both say, "no." The judge said later during the hearing that it's "not uncommon" for children who are alleged victims to initially deny sexual abuse. Dodd also described the boys' mother and father as "scam artists" in court, saying the parents wanted "revenge" on the director after the twins were removed from the series cast. Called as a witness by the defense, Allan Cabillo, director of photography for "The Cleaning Lady," said he never observed Busfield behaving inappropriately with the boys. He said the boys did not return for the show's final season because they had aged out of their roles. In a video posted online shortly before his surrender, Busfield denied the allegations, saying, "I did not do anything to those little boys." Busfield is known for his prime-time television roles as a White House reporter on the NBC political drama "The West Wing," which ran from 1999 to 2006, and as an ad agency executive on the 1980s ABC ensemble series "Thirtysomething." In the 1989 movie "Field of Dreams," he played the brother-in-law of Kevin Costner's lead character. In his own interview with police for the investigation in November, Busfield acknowledged he probably had physical contact with the boys on occasion, like tickling or picking them up, but in a playful manner with others present, the affidavit said. (Reporting by Danielle Broadway in Los Angeles; Additional reporting by Evan Garcia; Editing by Steve Gorman and Howard Goller)

(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 LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio 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 Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio 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 Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio 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 Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio 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.)

LOS ANGELES, Jan 21 (Reuters) – With Oscar nominations a day away, Hollywood’s annual reckoning with its film failures took shape on Wednesday as Disney’s live‑action “Snow White” and the remake “War of the Worlds” tied for six nods for the Golden Raspberry Awards. Popularly known as the Razzies, the awards are an annual Oscar spoof that spotlights what voters deem Hollywood’s worst performances. The 46th Golden Raspberry Awards are set for March 14, the day before the Oscar awards. Disney’s "Snow White," a 2025 remake of the 1937 animated classic, scored a worst picture nod along with nominations for worst remake, director and screenplay. The fantasy film stars Rachel Zegler as Snow White and Gal Gadot as the Evil Queen, and its seven computer-generated dwarf characters were also cited for both worst supporting actors and screen combo. Tying with “Snow White,” the 2025 science fiction film "War of the Worlds," starring rapper Ice Cube and actor Eva Longoria, based on H. G. Wells' 1898 novel, also scored six nominations, including worst picture, actors, remake, director, screenplay and screen combo. Other nominees include the psychological thriller “Hurry Up Tomorrow,” science fiction film “Star Trek: Section 31,” and the action-adventure Netflix film “The Electric State,” starring “Stranger Things” lead Millie Bobby Brown. More than 1,100 Razzie members from across the United States and about two dozen other countries vote on the awards, according to the Razzie website. Voters are members of the Golden Raspberry Foundation that consists of film critics and movie experts.   (Reporting by Danielle Broadway and Sarah Mills; Editing by Howard Goller)

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By Danielle Broadway Jan 20 (Reuters) – Actor-director Timothy Busfield, known for roles in "The West Wing" and "Field of Dreams," was ordered to be released from jail on Tuesday as he awaits further proceedings on child sexual abuse charges after a New Mexico judge called the evidence against him "neutral." Prosecutors allege Busfield, who is married to actor Melissa Gilbert, improperly touched two young cast members – twin boys – while directing the Fox TV drama "The Cleaning Lady," which was filmed in New Mexico. Busfield, 68, turned himself in last week after prosecutors in Albuquerque filed a criminal complaint charging him with child abuse and two counts of criminal sexual contact with a minor. He has professed his innocence, calling the allegations against him "lies." "As it stands today, with the limited information I have in front of me, I'll characterize the weight of the evidence against the defendant as neutral at this point," Judge David Murphy said at a court hearing on Tuesday.  The judge ordered Busfield released from custody pending further proceedings in the case. A preliminary hearing was scheduled for January 29, during which prosecutors will need to establish probable cause to proceed to a trial. According to an arrest warrant affidavit that accompanied the criminal complaint, the twin boys, now 11, reported the alleged contact occurred over a two-year period, when they were aged 7 and 8. Busfield was an executive producer of the show and began directing episodes around the end of the second season in 2022.   Deputy District Attorney Savannah Brandenburg-Koch told the court on Tuesday that a hospital doctor first contacted law enforcement in November 2024 after the boys told the physician that Busfield had engaged in behavior that could be characterized as "grooming." But she said the boys alleged acts of actual sexual abuse to a therapist in September 2025.     Defense lawyer, Christopher Dodd, countered that the twins had denied they were sexually abused by Busfield under questioning from a law enforcement officer. In the recording of the interview, which was played in court, the officer asks each of the boys if they had been "touched in private areas" by Busfield, and the boys both say, "no." The judge said later during the hearing that it's "not uncommon" for children who are alleged victims to initially deny sexual abuse. Dodd also described the boys' mother and father as "scam artists" in court, saying the parents wanted "revenge" on the director after the twins were removed from the series cast. Called as a witness by the defense, Allan Cabillo, director of photography for "The Cleaning Lady," said he never observed Busfield behaving inappropriately with the boys. He said the boys did not return for the show's final season because they had aged out of their roles. In a video posted online shortly before his surrender, Busfield denied the allegations, saying, "I did not do anything to those little boys." Busfield is known for his prime-time television roles as a White House reporter on the NBC political drama "The West Wing," which ran from 1999 to 2006, and as an ad agency executive on the 1980s ABC ensemble series "Thirtysomething." In the 1989 movie "Field of Dreams," he played the brother-in-law of Kevin Costner's lead character. In his own interview with police for the investigation in November, Busfield acknowledged he probably had physical contact with the boys on occasion, like tickling or picking them up, but in a playful manner with others present, the affidavit said. (Reporting by Danielle Broadway in Los Angeles; Additional reporting by Evan Garcia; Editing by Steve Gorman and Howard Goller)

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By Hanna Rantala LONDON, Jan 20 ((Reuters)) – Jason Statham is back in action in "Shelter", but the British actor says his latest thriller is powered by his character's emotional arc.    "I haven't done anything like this. It feels very elevated in terms of the dramatic elements," Statham said, premiering the movie in London on Tuesday.    Statham plays Michael Mason, a former elite operative hiding out on a remote island in the Outer Hebrides. Accompanied only by his dog, Mason spends his days drinking, drawing and playing chess. An orphaned girl, Jesse (Bodhi Rae Breathnach), regularly brings him supplies on a rowboat, but is told to avoid contact.     When a storm breaks out during one of her deliveries, Mason rescues Jesse, setting off events that lead his past enemies on his tracks and forcing Mason to take action to protect the youngster.    The film is about "an improbable pairing" finding purpose in each other, said Statham. "It's certainly a slow burn."    That gradual crescendo helps audiences connect with the characters, said director Ric Roman Waugh, known for "Greenland" and "Angel Has Fallen".    "We're unravelling a mystery in a way that creates empathy, creates emotional bond, so that when you hit the action, you're not just watching it, you're participating, and you're rooting for your heroes," he said.    A former stuntman, Waugh wanted to place viewers "inside the action" and shoot on real locations.    "What you get is a wild ride that is authentic and grounded and gets us away from the visual effects world where nothing feels real anymore," he said. "Coming from the world of stunts, I'm trying to make you feel what I went through."    Statham, 58, has a busy year ahead. His other 2026 releases include "Mutiny" and "The Beekeeper 2" and he is about to reunite with filmmaker Guy Ritchie for their sixth feature collaboration, "Viva La Vida".    "I'm very excited about that. My main man Guy Ritchie, he started my career almost 30 years ago, so I owe him a lot. He's a mentor to me. He's a very special person in my life and I've got a lot of love for the man," said Statham, noting that shooting would start in a week but revealing no further details about the project.    "Shelter", which also stars Bill Nighy and Naomi Ackie, begins its global theatrical rollout on January 28. (Reporting by Hanna RantalaEditing by Shri Navaratnam)

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