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By Dawn Chmielewski, Kritika Lamba and Dawn Kopecki LOS ANGELES, Jan 7 (Reuters) – Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros' board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix's $82.7 billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros, and with it, its prized film and television studios and its extensive content library. Its lucrative entertainment franchises include "Harry Potter", "Game of Thrones", "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane."  Paramount's financing plan would saddle the smaller Hollywood studio with $87 billion in debt once the acquisition closed, making it the largest leveraged buyout in history, the Warner Bros board told shareholders after voting against the $30-per-share cash offer on Tuesday. The letter accompanied a 67-page amended merger filing where it laid out its case for rejecting Paramount's offer. The revised Paramount offer "remains inadequate particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer, and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer," the Warner Bros board wrote.  Paramount, which has a market value of about around $14 billion, proposed to use $40 billion in equity personally guaranteed by Oracle's billionaire co-founder Larry Ellison and $54 billion in debt to finance the deal.  Its financing plan would further weaken its credit rating, which S&P Global already rates at junk levels, and strain its cash flow – heightening the risk that the deal will not close, the Warner Bros board said. Netflix, which has offered $27.75 a share in cash and stock, has a $400 billion market value and investment-grade credit rating.  The decision keeps Warner Bros on track to pursue the deal with Netflix, even after Paramount amended its bid on December 22 to address the earlier concerns about the lack of a personal guarantee from Ellison, who is Paramount's controlling shareholder and the father of its CEO David Ellison. Warner Bros shares closed at $28.47 on Tuesday. HIGH BREAK-UP FEES Wednesday's filing said Warner Bros' board met on December 23 to review Paramount's amended offer and noted some improvements, including Ellison's personal guarantee and a higher reverse termination fee of $5.8 billion, but found "significant costs" associated with Paramount's bid compared with a Netflix deal. Warner Bros would be obligated to pay the streaming service a $2.8 billion termination fee for abandoning its merger agreement with Netflix, $1.5 billion in fees to its lenders and about $350 million in additional financing costs. Altogether, Warner Bros said it would incur about $4.7 billion in additional costs to terminate its deal with Netflix, or $1.79 per share. The board repeated some concerns it had laid out on December 17, such as that Paramount would impose operating restrictions on the studio that would harm its business and competitive position, including barring the planned spin-out of the company's cable television networks into a separate public company, Discovery Global.  Paramount offered "insufficient compensation" for the damage done to the studio's business, if the Paramount deal failed to close, Warner Bros said.  Paramount "repeatedly failed to submit the best proposal" to Warner Bros shareholders, the board wrote, "despite clear direction" on the deficiencies in its bid and potential solutions. TILTING THE POWER BALANCE IN HOLLYWOOD The jockeying for Warner Bros has become Hollywood's most closely watched takeover battle, as studios race to scale up amid intensifying competition from streaming platforms and volatile theatrical revenues. While Netflix's offer has a lower headline value, analysts have said it presents a clearer financing structure and fewer execution risks than Paramount's bid for the entire company, including its cable TV business. Harris Oakmark, Warner Bros' fifth-largest investor, previously told Reuters that Paramount's revised offer was not "sufficient," noting it was not enough to cover the breakup fee.  Paramount has argued its bid would face fewer regulatory obstacles, but a combined Paramount-Warner Bros entity would create a formidable competitor to industry leader Disney and merge two major television operators and two streaming services. The valuation of Warner Bros' planned Discovery Global spin-off, which includes cable television networks CNN, TNT Sports and the Discovery+ streaming service, is seen as a major sticking point. Analysts peg the cable channels' value at up to $4 per share, while Paramount has suggested just $1. Lawmakers from both parties have raised concerns about further consolidation in the media industry, and U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition. (Reporting by Dawn Chmielewski in Los Angeles and Dawn Kopecki in New York, Kritika Lamba and Akash Sriram in Bengaluru. Editing by Sayantani Ghosh and Jamie Freed)

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

Jan 7 (Reuters) – Warner Bros Discovery said on Wednesday its board rejected a revised bid from Paramount Skydance, calling it a risky leveraged buyout that posed significant risks, and reaffirmed its support for Netflix's proposal to buy some of its assets. In an amended securities filing accompanied by a letter to shareholders urging them to reject Paramount's $108.4 billion hostile bid, Warner Bros cited concerns about its adequacy and the likelihood of deal completion. The board's recommendation remained the same as its previous view on December 17, though it raised fresh concerns about Paramount's revised offer. (Compiled by Sayantani Ghosh in San Francisco and Dawn Chmielewski in Los Angeles; Editing by Jamie Freed)

(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, Kritika Lamba and Dawn Kopecki LOS ANGELES, Jan 7 (Reuters) – Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros' board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix's $82.7 billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros, and with it, its prized film and television studios and its extensive content library. Its lucrative entertainment franchises include "Harry Potter", "Game of Thrones", "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane." Paramount's financing plan would saddle the smaller Hollywood studio with $87 billion in debt once the acquisition closed, making it the largest leveraged buyout in history, the Warner Bros board told shareholders after voting against the $30-per-share cash offer on Tuesday. The letter accompanied a 67-page amended merger filing where it laid out its case for rejecting Paramount's offer. The revised Paramount offer "remains inadequate particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer, and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer," the Warner Bros board wrote.   Paramount, which has a market value of about around $14 billion, proposed to use $40 billion in equity personally guaranteed by Oracle's billionaire co-founder Larry Ellison and $54 billion in debt to finance the deal.  Its financing plan would further weaken its credit rating, which S&P Global already rates at junk levels, and strain its cash flow – heightening the risk that the deal will not close, the Warner Bros board said. Netflix, which has offered $27.75 a share in cash and stock, has a $400 billion market value and investment-grade credit rating. The decision keeps Warner Bros on track to pursue the deal with Netflix, even after Paramount amended its bid on December 22 to address the earlier concerns about the lack of a personal guarantee from Ellison, who is Paramount's controlling shareholder and the father of its CEO David Ellison. Netflix co-CEOs Ted Sarandos and Greg Peters welcomed Warner Bros' decision on Wednesday, saying it recognizes the streaming giant's deal "as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry." Paramount did not immediately respond to a request for comment.  Warner Bros shares slipped 0.5% to $28.3 in premarket trading, while Netflix edged up slightly and Paramount was little changed. HIGH BREAK-UP FEES Warner Bros Chairman Samuel Di Piazza told CNBC that the company was not currently in talks with Paramount but remains open to a transaction with the Ellison-led firm and both the deals have a path to regulatory approval.   "From our perspective, they've got to put something on the table that is compelling," he said, referring to the Paramount offer.  Wednesday's filing said Warner Bros' board met on December 23 to review Paramount's amended offer and noted some improvements, including Ellison's personal guarantee and a higher reverse termination fee of $5.8 billion, but found "significant costs" associated with Paramount's bid compared with a Netflix deal. Warner Bros would be obligated to pay the streaming service a $2.8 billion termination fee for abandoning its merger agreement with Netflix, $1.5 billion in fees to its lenders and about $350 million in additional financing costs. Altogether, Warner Bros said it would incur about $4.7 billion in additional costs to terminate its deal with Netflix, or $1.79 per share. The board repeated some concerns it had laid out on December 17, such as that Paramount would impose operating restrictions on the studio that would harm its business and competitive position, including barring the planned spin-out of the company's cable television networks into a separate public company, Discovery Global.  Paramount offered "insufficient compensation" for the damage done to the studio's business, if the Paramount deal failed to close, Warner Bros said.  Paramount "repeatedly failed to submit the best proposal" to Warner Bros shareholders, the board wrote, "despite clear direction" on the deficiencies in its bid and potential solutions. TILTING THE POWER BALANCE IN HOLLYWOOD The jockeying for Warner Bros has become Hollywood's most closely watched takeover battle, as studios race to scale up amid intensifying competition from streaming platforms and volatile theatrical revenues. While Netflix's offer has a lower headline value, analysts have said it presents a clearer financing structure and fewer execution risks than Paramount's bid for the entire company, including its cable TV business. "WBD does not want to sell to Paramount, so it will keep rejecting Paramount as long as it is able to," Ross Benes, analyst at Emarketer said. "But this process is not over … Paramount will have opportunity to make further attempts." Harris Oakmark, Warner Bros' fifth-largest investor, previously told Reuters that Paramount's revised offer was not "sufficient," noting it was not enough to cover the breakup fee.  Paramount has argued its bid would face fewer regulatory obstacles, but a combined Paramount-Warner Bros entity would create a formidable competitor to industry leader Disney and merge two major television operators and two streaming services. The valuation of Warner Bros' planned Discovery Global spin-off, which includes cable television networks CNN, TNT Sports and the Discovery+ streaming service, is seen as a major sticking point. Analysts peg the cable channels' value at up to $4 per share, while Paramount has suggested just $1. Lawmakers from both parties have raised concerns about further consolidation in the media industry, and U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition. (Reporting by Dawn Chmielewski in Los Angeles and Dawn Kopecki in New York, Kritika Lamba in Bengaluru, additional reporting by Akash Sriram and Arnav Mishra. Editing by Sayantani Ghosh and Jamie Freed)

(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 Marco Trujillo and Lucien Libert SAINT-TROPEZ, France, Jan 7 (Reuters) – People lined the streets of Saint-Tropez on Wednesday, applauding as the coffin of French cinema icon Brigitte Bardot, who died last month aged 91, was driven through the Riviera resort after her funeral. Bardot shot to international fame in her early 20s in the film "And God Created Woman", her tousled hair and fierce energy radiating a sexual magnetism which captivated 1950s France. Known affectionately as B.B. by many in France, Bardot's roles made her not just a sex symbol, but a pop culture icon and a touchstone for changing social attitudes. She became the first celebrity to model for a bust of Marianne, the traditional symbol of the French Republic that adorns French town halls. "For me, Brigitte Bardot is France," said singer Mireille Mathieu, 79, who sang at the funeral. "She was the most beautiful woman in the world," Mathieu told reporters, praising "that freedom she (Bardot) had, that boldness to say what she thought." At the funeral, in the town's Notre-Dame-de-l'Assomption church, a black-and-white picture of Bardot hugging a baby seal was on display, with the words "Merci Brigitte" (Thank you Brigitte), near her coffin, covered in mostly orange and yellow flowers. Outside, one man held a placard that read: "The animals thank Brigitte Bardot". "It was really magnificent," Bardot fan Fanny Wisselmann said of the ceremony. "I found that it reflected Brigitte Bardot, it was simple, it was very respectful," she said. Displaying a tattoo of Bardot on her leg, Wisselmann, who lives in Frejus, about an hour's drive away, said she is such a fan it was unthinkable she wouldn't be there to pay tribute. ANIMAL RIGHTS ACTIVIST, FAR-RIGHT SYMPATHIES Bardot made the last of her 42 films in 1973. Disenchanted with the industry, she declared the world of cinema "rotten". She became a tireless crusader for animal rights while her political sympathies shifted to the far-right National Front. Incendiary remarks on immigration, Islam and homosexuality saw her convicted multiple times for inciting racial hatred. Far-right leader Marine Le Pen was among those attending Wednesday's funeral. Bardot had publicly endorsed the National Front's successive leaders, Jean-Marie Le Pen and his daughter Marine, whom she once referred to as "the Joan of Arc of the 21st century". Aurore Berge, Macron's minister for equality and a defender of animal rights, was there to represent the government. Anti-whaling activist Paul Watson was also among the guests at the funeral. PRIVATE BURIAL After the funeral, Bardot was buried in strict privacy in a cemetery in the glitzy town where she lived for much of her later life behind high walls, surrounded by a menagerie of cats, dogs and horses. A tribute open to locals and fans will take place later in the day at the Pre des Pecheurs area in the old town quarter called La Ponche, the historic centre of the former fishing village. Bardot told Le Monde in 2018 that she wished to be buried in a quiet corner of her garden. But the Var Prefecture said it never received any request for a private burial, which would have been needed to bury her in her garden. (Writing by Ingrid Melander and Richard Lough; Editing by Aidan Lewis and Philippa Fletcher)

(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 Marco Trujillo and Lucien Libert SAINT-TROPEZ, France, Jan 7 (Reuters) – People lined the streets of Saint-Tropez on Wednesday, applauding as the coffin of French cinema icon Brigitte Bardot, who died last month aged 91, was driven through the Riviera resort after her funeral. Bardot shot to international fame in her early 20s in the film "And God Created Woman", her tousled hair and fierce energy radiating a sexual magnetism which captivated 1950s France. Known affectionately as B.B. by many in France, Bardot's roles made her not just a sex symbol, but a pop culture icon and a touchstone for changing social attitudes. She became the first celebrity to model for a bust of Marianne, the traditional symbol of the French Republic that adorns French town halls. "For me, Brigitte Bardot is France," said singer Mireille Mathieu, 79, who sang at the funeral. "She was the most beautiful woman in the world," Mathieu told reporters, praising "that freedom she (Bardot) had, that boldness to say what she thought." At the funeral, in the town's Notre-Dame-de-l'Assomption church, a black-and-white picture of Bardot hugging a baby seal was on display, with the words "Merci Brigitte" (Thank you Brigitte), near her coffin, covered in mostly orange and yellow flowers. Outside, one man held a placard that read: "The animals thank Brigitte Bardot". "It was really magnificent," Bardot fan Fanny Wisselmann said of the ceremony. "I found that it reflected Brigitte Bardot, it was simple, it was very respectful," she said. Displaying a tattoo of Bardot on her leg, Wisselmann, who lives in Frejus, about an hour's drive away, said she is such a fan it was unthinkable she wouldn't be there to pay tribute. ANIMAL RIGHTS ACTIVIST, FAR-RIGHT SYMPATHIES Bardot made the last of her 42 films in 1973. Disenchanted with the industry, she declared the world of cinema "rotten". She became a tireless crusader for animal rights while her political sympathies shifted to the far-right National Front. Incendiary remarks on immigration, Islam and homosexuality saw her convicted multiple times for inciting racial hatred. Far-right leader Marine Le Pen was among those attending Wednesday's funeral. Bardot had publicly endorsed the National Front's successive leaders, Jean-Marie Le Pen and his daughter Marine, whom she once referred to as "the Joan of Arc of the 21st century". Aurore Berge, Macron's minister for equality and a defender of animal rights, was there to represent the government. Anti-whaling activist Paul Watson was also among the guests at the funeral. PRIVATE BURIAL After the funeral, Bardot was buried in strict privacy in a cemetery in the glitzy town where she lived for much of her later life behind high walls, surrounded by a menagerie of cats, dogs and horses. A tribute open to locals and fans will take place later in the day at the Pre des Pecheurs area in the old town quarter called La Ponche, the historic centre of the former fishing village. Bardot told Le Monde in 2018 that she wished to be buried in a quiet corner of her garden. But the Var Prefecture said it never received any request for a private burial, which would have been needed to bury her in her garden. (Writing by Ingrid Melander and Richard Lough; Editing by Aidan Lewis and Philippa Fletcher)

(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 Marco Trujillo and Lucien Libert SAINT-TROPEZ, France, Jan 7 (Reuters) – People lined the streets of Saint-Tropez on Wednesday, applauding as the coffin of French cinema icon Brigitte Bardot, who died last month aged 91, was driven through the Riviera resort after her funeral. Bardot shot to international fame in her early 20s in the film "And God Created Woman", her tousled hair and fierce energy radiating a sexual magnetism which captivated 1950s France. Known affectionately as B.B. by many in France, Bardot's roles made her not just a sex symbol, but a pop culture icon and a touchstone for changing social attitudes. She became the first celebrity to model for a bust of Marianne, the traditional symbol of the French Republic that adorns French town halls. "For me, Brigitte Bardot is France," said singer Mireille Mathieu, 79, who sang at the funeral. "She was the most beautiful woman in the world," Mathieu told reporters, praising "that freedom she (Bardot) had, that boldness to say what she thought." At the funeral, in the town's Notre-Dame-de-l'Assomption church, a black-and-white picture of Bardot hugging a baby seal was on display, with the words "Merci Brigitte" (Thank you Brigitte), near her coffin, covered in mostly orange and yellow flowers. Outside, one man held a placard that read: "The animals thank Brigitte Bardot". "It was really magnificent," Bardot fan Fanny Wisselmann said of the ceremony. "I found that it reflected Brigitte Bardot, it was simple, it was very respectful," she said. Displaying a tattoo of Bardot on her leg, Wisselmann, who lives in Frejus, about an hour's drive away, said she is such a fan it was unthinkable she wouldn't be there to pay tribute. ANIMAL RIGHTS ACTIVIST, FAR-RIGHT SYMPATHIES Bardot made the last of her 42 films in 1973. Disenchanted with the industry, she declared the world of cinema "rotten". She became a tireless crusader for animal rights while her political sympathies shifted to the far-right National Front. Incendiary remarks on immigration, Islam and homosexuality saw her convicted multiple times for inciting racial hatred. Far-right leader Marine Le Pen was among those attending Wednesday's funeral. Bardot had publicly endorsed the National Front's successive leaders, Jean-Marie Le Pen and his daughter Marine, whom she once referred to as "the Joan of Arc of the 21st century". Aurore Berge, Macron's minister for equality and a defender of animal rights, was there to represent the government. Anti-whaling activist Paul Watson was also among the guests at the funeral. PRIVATE BURIAL After the funeral, Bardot was buried in strict privacy in a cemetery in the glitzy town where she lived for much of her later life behind high walls, surrounded by a menagerie of cats, dogs and horses. A tribute open to locals and fans will take place later in the day at the Pre des Pecheurs area in the old town quarter called La Ponche, the historic centre of the former fishing village. Bardot told Le Monde in 2018 that she wished to be buried in a quiet corner of her garden. But the Var Prefecture said it never received any request for a private burial, which would have been needed to bury her in her garden. (Writing by Ingrid Melander and Richard Lough; Editing by Aidan Lewis and Philippa Fletcher)

(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 Marco Trujillo and Lucien Libert SAINT-TROPEZ, France, Jan 7 (Reuters) – People lined the streets of Saint-Tropez on Wednesday, applauding as the coffin of French cinema icon Brigitte Bardot, who died last month aged 91, was driven through the Riviera resort after her funeral. Bardot shot to international fame in her early 20s in the film "And God Created Woman", her tousled hair and fierce energy radiating a sexual magnetism which captivated 1950s France. Known affectionately as B.B. by many in France, Bardot's roles made her not just a sex symbol, but a pop culture icon and a touchstone for changing social attitudes. She became the first celebrity to model for a bust of Marianne, the traditional symbol of the French Republic that adorns French town halls. "For me, Brigitte Bardot is France," said singer Mireille Mathieu, 79, who sang at the funeral. "She was the most beautiful woman in the world," Mathieu told reporters, praising "that freedom she (Bardot) had, that boldness to say what she thought." At the funeral, in the town's Notre-Dame-de-l'Assomption church, a black-and-white picture of Bardot hugging a baby seal was on display, with the words "Merci Brigitte" (Thank you Brigitte), near her coffin, covered in mostly orange and yellow flowers. Outside, one man held a placard that read: "The animals thank Brigitte Bardot". "It was really magnificent," Bardot fan Fanny Wisselmann said of the ceremony. "I found that it reflected Brigitte Bardot, it was simple, it was very respectful," she said. Displaying a tattoo of Bardot on her leg, Wisselmann, who lives in Frejus, about an hour's drive away, said she is such a fan it was unthinkable she wouldn't be there to pay tribute. ANIMAL RIGHTS ACTIVIST, FAR-RIGHT SYMPATHIES Bardot made the last of her 42 films in 1973. Disenchanted with the industry, she declared the world of cinema "rotten". She became a tireless crusader for animal rights while her political sympathies shifted to the far-right National Front. Incendiary remarks on immigration, Islam and homosexuality saw her convicted multiple times for inciting racial hatred. Far-right leader Marine Le Pen was among those attending Wednesday's funeral. Bardot had publicly endorsed the National Front's successive leaders, Jean-Marie Le Pen and his daughter Marine, whom she once referred to as "the Joan of Arc of the 21st century". Aurore Berge, Macron's minister for equality and a defender of animal rights, was there to represent the government. Anti-whaling activist Paul Watson was also among the guests at the funeral. PRIVATE BURIAL After the funeral, Bardot was buried in strict privacy in a cemetery in the glitzy town where she lived for much of her later life behind high walls, surrounded by a menagerie of cats, dogs and horses. A tribute open to locals and fans will take place later in the day at the Pre des Pecheurs area in the old town quarter called La Ponche, the historic centre of the former fishing village. Bardot told Le Monde in 2018 that she wished to be buried in a quiet corner of her garden. But the Var Prefecture said it never received any request for a private burial, which would have been needed to bury her in her garden. (Writing by Ingrid Melander and Richard Lough; Editing by Aidan Lewis and Philippa Fletcher)

(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, Kritika Lamba and Dawn Kopecki LOS ANGELES, Jan 7 (Reuters) – Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros' board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix's $82.7 billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros, and with it, its prized film and television studios and its extensive content library. Its lucrative entertainment franchises include "Harry Potter", "Game of Thrones", "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane." Paramount's financing plan would saddle the smaller Hollywood studio with $87 billion in debt once the acquisition closed, making it the largest leveraged buyout in history, the Warner Bros board told shareholders after voting against the $30-per-share cash offer on Tuesday. The letter accompanied a 67-page amended merger filing where it laid out its case for rejecting Paramount's offer. The revised Paramount offer "remains inadequate particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer, and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer," the Warner Bros board wrote.   Paramount, which has a market value of about around $14 billion, proposed to use $40 billion in equity personally guaranteed by Oracle's billionaire co-founder Larry Ellison and $54 billion in debt to finance the deal.  Its financing plan would further weaken its credit rating, which S&P Global already rates at junk levels, and strain its cash flow – heightening the risk that the deal will not close, the Warner Bros board said. Netflix, which has offered $27.75 a share in cash and stock, has a $400 billion market value and investment-grade credit rating. The decision keeps Warner Bros on track to pursue the deal with Netflix, even after Paramount amended its bid on December 22 to address the earlier concerns about the lack of a personal guarantee from Ellison, who is Paramount's controlling shareholder and the father of its CEO David Ellison. Netflix co-CEOs Ted Sarandos and Greg Peters welcomed Warner Bros' decision on Wednesday, saying it recognizes the streaming giant's deal "as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry." Paramount did not immediately respond to a request for comment.  Warner Bros shares slipped 0.5% to $28.3 in premarket trading, while Netflix edged up slightly and Paramount was little changed. HIGH BREAK-UP FEES Warner Bros Chairman Samuel Di Piazza told CNBC that the company was not currently in talks with Paramount but remains open to a transaction with the Ellison-led firm and both the deals have a path to regulatory approval.   "From our perspective, they've got to put something on the table that is compelling," he said, referring to the Paramount offer.  Wednesday's filing said Warner Bros' board met on December 23 to review Paramount's amended offer and noted some improvements, including Ellison's personal guarantee and a higher reverse termination fee of $5.8 billion, but found "significant costs" associated with Paramount's bid compared with a Netflix deal. Warner Bros would be obligated to pay the streaming service a $2.8 billion termination fee for abandoning its merger agreement with Netflix, $1.5 billion in fees to its lenders and about $350 million in additional financing costs. Altogether, Warner Bros said it would incur about $4.7 billion in additional costs to terminate its deal with Netflix, or $1.79 per share. The board repeated some concerns it had laid out on December 17, such as that Paramount would impose operating restrictions on the studio that would harm its business and competitive position, including barring the planned spin-out of the company's cable television networks into a separate public company, Discovery Global.  Paramount offered "insufficient compensation" for the damage done to the studio's business, if the Paramount deal failed to close, Warner Bros said.  Paramount "repeatedly failed to submit the best proposal" to Warner Bros shareholders, the board wrote, "despite clear direction" on the deficiencies in its bid and potential solutions. TILTING THE POWER BALANCE IN HOLLYWOOD The jockeying for Warner Bros has become Hollywood's most closely watched takeover battle, as studios race to scale up amid intensifying competition from streaming platforms and volatile theatrical revenues. While Netflix's offer has a lower headline value, analysts have said it presents a clearer financing structure and fewer execution risks than Paramount's bid for the entire company, including its cable TV business. "WBD does not want to sell to Paramount, so it will keep rejecting Paramount as long as it is able to," Ross Benes, analyst at Emarketer said. "But this process is not over … Paramount will have opportunity to make further attempts." Harris Oakmark, Warner Bros' fifth-largest investor, previously told Reuters that Paramount's revised offer was not "sufficient," noting it was not enough to cover the breakup fee.  Paramount has argued its bid would face fewer regulatory obstacles, but a combined Paramount-Warner Bros entity would create a formidable competitor to industry leader Disney and merge two major television operators and two streaming services. The valuation of Warner Bros' planned Discovery Global spin-off, which includes cable television networks CNN, TNT Sports and the Discovery+ streaming service, is seen as a major sticking point. Analysts peg the cable channels' value at up to $4 per share, while Paramount has suggested just $1. Lawmakers from both parties have raised concerns about further consolidation in the media industry, and U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition. (Reporting by Dawn Chmielewski in Los Angeles and Dawn Kopecki in New York, Kritika Lamba in Bengaluru, additional reporting by Akash Sriram and Arnav Mishra. Editing by Sayantani Ghosh and Jamie Freed)

(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 Rollo Ross and Danielle Broadway LOS ANGELES, Jan 7 (Reuters) – In the soon-to-be-released movie "Greenland 2: Migration," Scottish actor Gerard Butler portrays John Garrity, who leads a group through a post-apocalyptic world to try to find safety. In reality, Butler said, he does not have confidence in his abilities to survive such a world. "I would be one of the first ones going down," he said with a smile. The movie, which arrives in theaters on Friday, is a sequel to 2020 thriller "Greenland," in which Butler's Atlanta, Georgia-based character tries to head with his family to the safety of a bunker in Greenland when he hears a comet is about to hit Earth. It connected with audiences, paving the way for its 2026 sequel, said Butler.     "It felt like it resonated a lot, especially, you know, coming out during the pandemic," he said in an interview. "And sometimes you go, okay, that's enough. Leave it alone. And then other times you think, well, where could we take this?"     "Greenland 2: Migration," continues the survival story.      The film follows John, his wife Allison, portrayed by Morena Baccarin, and their son Nathan, played by Roman Griffin Davis, as they flee Greenland in hopes of finding safety in France. Could the story go even further? Possibly, said Butler.     "Now we've seen where they've gone from there, but what would happen after that? How does the world actually start to rebuild?," he said. (Reporting by Rollo Ross and Danielle Broadway, Editing by Rosalba O'Brien)

(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, Kritika Lamba and Dawn Kopecki LOS ANGELES, Jan 7 (Reuters) – Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros' board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix's $82.7 billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros, and with it, its prized film and television studios and its extensive content library. Its lucrative entertainment franchises include "Harry Potter", "Game of Thrones", "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane."  Paramount's financing plan would saddle the smaller Hollywood studio with $87 billion in debt once the acquisition closed, making it the largest leveraged buyout in history, the Warner Bros board told shareholders after voting against the $30-per-share cash offer on Tuesday. The letter accompanied a 67-page amended merger filing where it laid out its case for rejecting Paramount's offer. The revised Paramount offer "remains inadequate particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer, and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer," the Warner Bros board wrote.  Paramount, which has a market value of about around $14 billion, proposed to use $40 billion in equity personally guaranteed by Oracle's billionaire co-founder Larry Ellison and $54 billion in debt to finance the deal.  Its financing plan would further weaken its credit rating, which S&P Global already rates at junk levels, and strain its cash flow – heightening the risk that the deal will not close, the Warner Bros board said. Netflix, which has offered $27.75 a share in cash and stock, has a $400 billion market value and investment-grade credit rating.  The decision keeps Warner Bros on track to pursue the deal with Netflix, even after Paramount amended its bid on December 22 to address the earlier concerns about the lack of a personal guarantee from Ellison, who is Paramount's controlling shareholder and the father of its CEO David Ellison. Netflix co-CEOs Ted Sarandos and Greg Peters welcomed Warner Bros' decision on Wednesday, saying it recognizes the streaming giant's deal "as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry." Paramount did not immediately respond to a request for comment. Warner Bros shares closed at $28.47 on Tuesday. HIGH BREAK-UP FEES Wednesday's filing said Warner Bros' board met on December 23 to review Paramount's amended offer and noted some improvements, including Ellison's personal guarantee and a higher reverse termination fee of $5.8 billion, but found "significant costs" associated with Paramount's bid compared with a Netflix deal. Warner Bros would be obligated to pay the streaming service a $2.8 billion termination fee for abandoning its merger agreement with Netflix, $1.5 billion in fees to its lenders and about $350 million in additional financing costs. Altogether, Warner Bros said it would incur about $4.7 billion in additional costs to terminate its deal with Netflix, or $1.79 per share. The board repeated some concerns it had laid out on December 17, such as that Paramount would impose operating restrictions on the studio that would harm its business and competitive position, including barring the planned spin-out of the company's cable television networks into a separate public company, Discovery Global.  Paramount offered "insufficient compensation" for the damage done to the studio's business, if the Paramount deal failed to close, Warner Bros said.  Paramount "repeatedly failed to submit the best proposal" to Warner Bros shareholders, the board wrote, "despite clear direction" on the deficiencies in its bid and potential solutions. TILTING THE POWER BALANCE IN HOLLYWOOD The jockeying for Warner Bros has become Hollywood's most closely watched takeover battle, as studios race to scale up amid intensifying competition from streaming platforms and volatile theatrical revenues. While Netflix's offer has a lower headline value, analysts have said it presents a clearer financing structure and fewer execution risks than Paramount's bid for the entire company, including its cable TV business. Harris Oakmark, Warner Bros' fifth-largest investor, previously told Reuters that Paramount's revised offer was not "sufficient," noting it was not enough to cover the breakup fee.  Paramount has argued its bid would face fewer regulatory obstacles, but a combined Paramount-Warner Bros entity would create a formidable competitor to industry leader Disney and merge two major television operators and two streaming services. The valuation of Warner Bros' planned Discovery Global spin-off, which includes cable television networks CNN, TNT Sports and the Discovery+ streaming service, is seen as a major sticking point. Analysts peg the cable channels' value at up to $4 per share, while Paramount has suggested just $1. Lawmakers from both parties have raised concerns about further consolidation in the media industry, and U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition. (Reporting by Dawn Chmielewski in Los Angeles and Dawn Kopecki in New York, Kritika Lamba and Akash Sriram in Bengaluru. Editing by Sayantani Ghosh and Jamie Freed)

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