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By Matthew Lewis and Steve Gorman Jan 10 (Reuters) – Veteran rock musician Bob Weir, the Grateful Dead's rhythm guitarist who helped guide the legendary psychedelic jam band through decades of change and success, has died at age 78, his family said in a statement on Saturday. He was diagnosed with cancer in July and "succumbed to underlying lung issues" surrounded by loved ones, according to the statement, posted on Weir's verified Instagram account. It did not mention when or where he died. Just weeks after starting cancer treatment last summer, Weir had returned to his "hometown stage" at Golden Gate Park in San Francisco to play in a three-night celebration of his 60 years in music, his family recalled. Those shows turned out to be his final live public performances, according to Rolling Stone magazine. Along with his late fellow Grateful Dead co-founder and lead guitarist Jerry Garcia, who was at the center of the universe for "Deadheads," as diehard Dead fans are known, Weir was one of the group's two frontmen and main vocalists for most of the band's history. It was Weir who sang the verses on the band's trademark boogie anthem, "Truckin'," and who wrote such key songs as "Sugar Magnolia," "Playing in the Band" and "Jack Straw."  The youthful, ponytailed "Bobby" grew into an eclectic songwriter whose handsome appearance and diverse musical influences helped broaden the band's appeal. British newspaper the Independent called Weir "arguably rock's greatest, if most eccentric, rhythm guitarist." After Garcia's death at age 53 in 1995, Weir carved out an interesting if somewhat neglected solo career – much of it with his band, RatDog – and participated in reunions of surviving Dead members in different configurations. LONG STRANGE TRIP "As the one good-looking guy in the Dead, baby-faced Weir was always what passed for the band's sex symbol," the San Francisco Chronicle's Joel Selvin wrote in 2004. "He didn't care about that, either. In fact, he always seemed to secretly relish subverting that image."  Weir was the subject of the 2014 documentary "The Other One: The Long, Strange Trip of Bob Weir," which made a case for the Dead's "other" guitarist as a musical force. Though some Deadheads adopted the trappings of tie-dyed psychedelia, the group itself was deeply attached to American roots music and was credited with bringing experimental improvisation to rock music. Weir's own musical tastes ranged from Chuck Berry to cowboy songs to R&B and reggae. Thanks to relentless touring, constant musical evolution and a passionate fan base, the Grateful Dead – who existed from 1965 to 1995 – did not have to rely on producing hit records.  "Bob was the wild one," journalist Blair Jackson wrote in 2012. "He was the rock 'n' roller, but also the confident, smooth-voiced narrator on all those dramatic country-rock numbers about desperadoes and fugitives; a perfect fit for those tunes. He was the guy who would screech and scream himself hoarse at the end of the show, whipping us into a dancing frenzy." Weir, whose birth name was Robert Hall Parber, was born on October 16, 1947, and raised by adoptive parents in Atherton, California. He did not excel in school, due in part to his undiagnosed dyslexia. In 1964 at age 16, he met Bay Area folk musician Garcia, with whom he formed the Warlocks, who soon morphed into the Grateful Dead. THE KID The athletic Weir, who enjoyed football, was the youngest member of the original band and was sometimes referred to as "the kid." He was still in high school when he joined up with Garcia, bass guitarist Phil Lesh, organist-vocalist-harmonica player Ron "Pigpen" McKernan and drummer Bill Kreutzmann. Lesh recalled in his 2005 autobiography that he and Garcia had to make a promise to young Bob's mother. "The long and short of it was that if Jerry and I promised to make sure that Bob got to school every day, and that he got home all right after the gigs, she would allow him to remain in the band," wrote Lesh, who died in October 2024 at age 84. "We somehow convinced her that we would indeed see that he got to school every day. In San Francisco. At 8:00 a.m." Eventually Weir moved in to the communal Dead house at 710 Ashbury Street in San Francisco. The group's first album, "The Grateful Dead," was released in March 1967. According to some accounts, Weir was briefly fired from the band in 1968 because his guitar skills were deemed lacking. But he either redoubled his efforts or the others had second thoughts, because he was soon back in. By the time of the band's two famous 1970 albums, "Workingman's Dead" and "American Beauty," Weir was a key contributor.  His 1972 solo album, "Ace," was a de facto Grateful Dead album that featured Garcia and the others and included well-regarded Weir songs including "Cassidy," "Black-Throated Wind," "Mexicali Blues" and "Looks Like Rain." Many of his best-known songs were co-written with his old school friend, John Perry Barlow, who died in 2018. As the band's rhythm guitarist, Weir often played little fills, riffs and figures instead of straight chords. "I derived a lot of what I do on guitar from listening to piano players," he told GQ magazine in 2019, citing McCoy Tyner's work with saxophonist John Coltrane. "He would constantly nudge and coax amazing stuff out of Coltrane." Even decades after Garcia's death, Weir never forgot the influence of his old friend. He told GQ that Garcia was still present when Weir played guitar. "I can hear him: 'Don't go there. Don't go there,' or 'Go here. Go here,'" Weir said. "And either I listen or I don't, depending on how I'm feeling. But it's always 'How's old Jerry going to feel about this riff?' Sometimes I know he'd hate it. But he'd adjust." In 2017, Weir was appointed as a United Nations Development Program goodwill ambassador to support the agency's work to end poverty while fighting climate change. Weir married Natascha Muenter in 1999. They had two daughters.    "Looking back," Weir once said, "I guess I have lived an unusual life." (Writing and reporting by Matthew Lewis in Chicago; Additional reporting by Steve Gorman in Los Angeles; Editing by Diane Craft and William Mallard)

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

(Corrects day of week in first paragraph) Jan 10 (Reuters) – Veteran rock musician Bob Weir, the Grateful Dead's rhythm guitarist who helped guide the legendary jam band through decades of change and success, has died at age 78, according to a statement posted to his verified Instagram account on Saturday. He was diagnosed with cancer in July and "succumbed to underlying lung issues" surrounded by loved ones, the statement said. It did not mention when or where he died. Along with his late fellow Grateful Dead co-founder and lead guitarist Jerry Garcia, who was at the center of the Deadhead universe, Weir was one of the group's two frontmen and main vocalists for most of the band's history. It was Weir who sang the verses on the band's trademark boogie anthem, "Truckin'," and who wrote such key songs as "Sugar Magnolia," "Playing in the Band" and "Jack Straw."  The youthful, ponytailed "Bobby" grew into an eclectic songwriter whose handsome appearance and diverse musical influences helped broaden the band's appeal. British newspaper The Independent called Weir "arguably rock's greatest, if most eccentric, rhythm guitarist." After Garcia's death at age 53 in 1995, Weir carved out an interesting if somewhat neglected solo career – much of it with his band, RatDog – and participated in reunions of surviving Dead members in different configurations. (Reporting by Steve Gorman in Los Angeles; Writing and additional reporting by Matthew Lewis in Chicago; editing by Diane Craft)

(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 Matthew Lewis and Steve Gorman Jan 10 (Reuters) – Veteran rock musician Bob Weir, the Grateful Dead's rhythm guitarist who helped guide the legendary jam band through decades of change and success, has died at age 78, according to a statement posted to his verified Instagram account on Saturday. He was diagnosed with cancer in July and "succumbed to underlying lung issues" surrounded by loved ones, the statement said. It did not mention when or where he died. Along with his late fellow Grateful Dead co-founder and lead guitarist Jerry Garcia, who was at the center of the Deadhead universe, Weir was one of the group's two frontmen and main vocalists for most of the band's history. It was Weir who sang the verses on the band's trademark boogie anthem, "Truckin'," and who wrote such key songs as "Sugar Magnolia," "Playing in the Band" and "Jack Straw."  The youthful, ponytailed "Bobby" grew into an eclectic songwriter whose handsome appearance and diverse musical influences helped broaden the band's appeal. British newspaper The Independent called Weir "arguably rock's greatest, if most eccentric, rhythm guitarist." After Garcia's death at age 53 in 1995, Weir carved out an interesting if somewhat neglected solo career – much of it with his band, RatDog – and participated in reunions of surviving Dead members in different configurations. LONG STRANGE TRIP "As the one good-looking guy in the Dead, baby-faced Weir was always what passed for the band's sex symbol," the San Francisco Chronicle's Joel Selvin wrote in 2004. "He didn't care about that, either. In fact, he always seemed to secretly relish subverting that image."  Weir was the subject of the 2014 documentary "The Other One: The Long, Strange Trip of Bob Weir," which made a case for the Dead's "other" guitarist as a musical force. Though some diehard Dead fans, or "Deadheads," adopted the trappings of tie-dyed psychedelia, the group itself was deeply attached to American roots music and was credited with bringing experimental improvisation to rock music. Weir's own musical tastes ranged from Chuck Berry to cowboy songs to R&B and reggae. Thanks to relentless touring, constant musical evolution and a passionate fan base, the Grateful Dead – who existed from 1965 to 1995 – did not have to rely on producing hit records.  "Bob was the wild one," journalist Blair Jackson wrote in 2012. "He was the rock 'n' roller, but also the confident, smooth-voiced narrator on all those dramatic country-rock numbers about desperadoes and fugitives; a perfect fit for those tunes. He was the guy who would screech and scream himself hoarse at the end of the show, whipping us into a dancing frenzy." Weir, whose birth name was Robert Hall Parber, was born on October 16, 1947, and raised by adoptive parents in Atherton, California. He did not excel in school, due in part to his undiagnosed dyslexia. In 1964 at age 16, he met Bay Area folk musician Garcia, with whom he formed the Warlocks, who soon morphed into the Grateful Dead. THE KID The athletic Weir, who enjoyed football, was the youngest member of the original band and was sometimes referred to as "the kid." He was still in high school when he joined up with Garcia, bass guitarist Phil Lesh, organist-vocalist-harmonica player Ron "Pigpen" McKernan and drummer Bill Kreutzmann. Lesh recalled in his 2005 autobiography that he and Garcia had to make a promise to young Bob's mother. "The long and short of it was that if Jerry and I promised to make sure that Bob got to school every day, and that he got home all right after the gigs, she would allow him to remain in the band," wrote Lesh, who died in October 2024 at age 84. "We somehow convinced her that we would indeed see that he got to school every day. In San Francisco. At 8:00 a.m." Eventually Weir moved in to the communal Dead house at 710 Ashbury Street in San Francisco. The group's first album, "The Grateful Dead," was released in March 1967. According to some accounts, Weir was briefly fired from the band in 1968 because his guitar skills were deemed lacking. But he either redoubled his efforts or the others had second thoughts, because he was soon back in. By the time of the band's two famous 1970 albums, "Workingman's Dead" and "American Beauty," Weir was a key contributor.  His 1972 solo album, "Ace," was a de facto Grateful Dead album that featured Garcia and the others and included well-regarded Weir songs including "Cassidy," "Black-Throated Wind," "Mexicali Blues" and "Looks Like Rain." Many of his best-known songs were co-written with his old school friend, John Perry Barlow, who died in 2018. As the band's rhythm guitarist, Weir often played little fills, riffs and figures instead of straight chords. "I derived a lot of what I do on guitar from listening to piano players," he told GQ magazine in 2019, citing McCoy Tyner's work with saxophonist John Coltrane. "He would constantly nudge and coax amazing stuff out of Coltrane." Even decades after Garcia's death, Weir never forgot the influence of his old friend. He told GQ that Garcia was still present when Weir played guitar. "I can hear him: 'Don't go there. Don't go there,' or 'Go here. Go here,'" Weir said. "And either I listen or I don't, depending on how I'm feeling. But it's always 'How's old Jerry going to feel about this riff?' Sometimes I know he'd hate it. But he'd adjust." In 2017, Weir was appointed as a United Nations Development Program goodwill ambassador to support the agency's work to end poverty while fighting climate change. Weir married Natascha Muenter in 1999. They had two daughters.    "Looking back," Weir once said, "I guess I have lived an unusual life." (Writing and reporting by Matthew Lewis in Chicago; Additional reporting by Steve Gorman in Los Angeles; Editing by Diane Craft)

(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 10 (Reuters) – Veteran rock musician Bob Weir, co-founder of the Grateful Dead, has died at age 78, after a battle with cancer from "underlying lung issues," according to a statement posted on his verified Instagram account. (By Steve Gorman)

(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 Marie-Louise Gumuchian LONDON, Jan 9 (Reuters) – Actor Idris Elba faces another crisis in season two of thriller series "Hijack", when passengers on a Berlin underground train are taken hostage during the morning rush hour. Two years after his character, Sam Nelson, survived a plane hijacking in the Apple TV+ show's first season, the corporate negotiator finds himself at the centre of a new ordeal. Like its predecessor, the eight-part season, which premieres on January 14, is set in real time. In an interview with Reuters, the British star and Jim Field Smith – the show's co-creator and director – spoke about the season's setting and coming up with new twists. Below are excerpts edited for length and clarity. Q: What was important for you in taking the story forward? Elba: "There’s a level of dissatisfaction (at the end of season one) with not knowing all the layers of how, why, what, when and who. And that was, I think, for us, maybe sort of the beginning of why we would come back, because there's lots of things we don't know about Sam, about the hijacking … what happens next … So, it was important that if we are going to come back, A, we could … widen the lens, so to speak. But secondly, be smarter." Field Smith:  "The benefit of season two is a little bit of time has passed and the Sam Nelson you meet in frame one of season two is not the Sam Nelson we left behind at the end of season one. And you're able to go, 'What the hell has happened to this guy?’ And you are able to take him to a way darker place than we ever could in season one." Q: What personal journey does Sam go on? Elba:  "There's a lot of determination with Sam in this season and the audience are asking themselves why … it's sort of like trying to heal … It really does examine trauma. It examines what would you do for your family." Q: With all the plot twists in season one, what pressure was there to deliver in season two? Field Smith: "We wanted people to start watching this season and be like, 'Okay, okay, I think I know this show … There's going to be some bad stuff happening around him. He's going to key into it and he's going to save the day’. And actually, we took it as an inspiration and we leaned into that and I think the twists and the way we've taken the character are, to a certain extent, exploiting the audience's expectations of what we're going to do.” Q: How did the train setting compare with the plane setting? Elba: "Comparatively … the constraint of claustrophobia is baked into how we make it, how we shoot it … we don't make sets bigger, we go to scale … On the train … the claustrophobia to me was higher because you're moving, you're feeling that movement and you are standing in a mass of bodies." (Reporting by Marie-Louise Gumuchian; Editing by Andrew Heavens)

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

BEIJING, Jan 9 (Reuters) – One of China's top officials met with Disney CEO Bob Iger in Beijing on Friday, state media reported, as the "House of Mouse" seeks to strengthen its foothold in the world's second-largest economy amid fraught U.S.-China tensions. Vice Premier Ding Xuexiang encouraged Iger to invest further in China, a notable shift from Beijing's threat last April that it would further restrict imports of Hollywood films in response to U.S. tariffs. China's $19 trillion economy presents a complicated business proposition for U.S. film studios: the country's young, affluent urban middle class offers a lucrative audience for theme parks, but Beijing tightly controls the number of foreign films allowed into the country each year – potentially constraining interest in the franchises that drive the punters to the parks. Iger built out Disney's media empire through high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, and oversaw the opening of Shanghai Disneyland. For three decades, Beijing has capped Hollywood imports at just 10 films a year, and it has made significant headway in steering Chinese audiences toward domestically produced movies in the world's second-largest film market. Chinese moviegoers propelled "Ne Zha 2" past Pixar's "Inside Out 2" to make it the highest‑grossing animated film of all time last year. Hollywood films account for only 5% of overall box office receipts in China's markets, analysts estimate. Still, Disney and Universal Studios have both opened theme parks in Shanghai and Beijing, respectively, with Iger's visit likely to again fuel speculation that the entertainment giant has plans to open a second amusement park in the country. "Disney is full of confidence in China's development and will continue to expand investment in China," Iger was quoted as saying. (Reporting by Joe Cash; Editing by Christopher Cushing and Stephen Coates)

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

BEIJING, Jan 9 (Reuters) – One of China's top officials met with Disney CEO Bob Iger in Beijing on Friday, state media reported, as the "House of Mouse" seeks to strengthen its foothold in the world's second-largest economy amid fraught U.S.-China tensions. Vice Premier Ding Xuexiang encouraged Iger to invest further in China, a notable shift from Beijing's threat last April that it would further restrict imports of Hollywood films in response to U.S. tariffs. China's $19 trillion economy presents a complicated business proposition for U.S. film studios: the country's young, affluent urban middle class offers a lucrative audience for theme parks, but Beijing tightly controls the number of foreign films allowed into the country each year – potentially constraining interest in the franchises that drive the punters to the parks. Iger built out Disney's media empire through high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, and oversaw the opening of Shanghai Disneyland. For three decades, Beijing has capped Hollywood imports at just 10 films a year, and it has made significant headway in steering Chinese audiences toward domestically produced movies in the world's second-largest film market. Chinese moviegoers propelled "Ne Zha 2" past Pixar's "Inside Out 2" to make it the highest‑grossing animated film of all time last year. Hollywood films account for only 5% of overall box office receipts in China's markets, analysts estimate. Still, Disney and Universal Studios have both opened theme parks in Shanghai and Beijing, respectively, with Iger's visit likely to again fuel speculation that the entertainment giant has plans to open a second amusement park in the country. "Disney is full of confidence in China's development and will continue to expand investment in China," Iger was quoted as saying. (Reporting by Joe Cash; Editing by Christopher Cushing and Stephen Coates)

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

BEIJING, Jan 9 (Reuters) – One of China's top officials met with Disney CEO Bob Iger in Beijing on Friday, state media reported, as the "House of Mouse" seeks to strengthen its foothold in the world's second-largest economy amid fraught U.S.-China tensions. Vice Premier Ding Xuexiang encouraged Iger to invest further in China, a notable shift from Beijing's threat last April that it would further restrict imports of Hollywood films in response to U.S. tariffs. China's $19 trillion economy presents a complicated business proposition for U.S. film studios: the country's young, affluent urban middle class offers a lucrative audience for theme parks, but Beijing tightly controls the number of foreign films allowed into the country each year – potentially constraining interest in the franchises that drive the punters to the parks. Iger built out Disney's media empire through high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, and oversaw the opening of Shanghai Disneyland. For three decades, Beijing has capped Hollywood imports at just 10 films a year, and it has made significant headway in steering Chinese audiences toward domestically produced movies in the world's second-largest film market. Chinese moviegoers propelled "Ne Zha 2" past Pixar's "Inside Out 2" to make it the highest‑grossing animated film of all time last year. Hollywood films account for only 5% of overall box office receipts in China's markets, analysts estimate. Still, Disney and Universal Studios have both opened theme parks in Shanghai and Beijing, respectively, with Iger's visit likely to again fuel speculation that the entertainment giant has plans to open a second amusement park in the country. "Disney is full of confidence in China's development and will continue to expand investment in China," Iger was quoted as saying. (Reporting by Joe Cash; Editing by Christopher Cushing and Stephen Coates)

(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 Aditya Soni, Harshita Mary Varghese and Dawn Chmielewski Jan 8 (Reuters) – Paramount Skydance on Thursday reiterated that its $108.4 billion bid for Warner Bros Discovery was superior to a rival deal from Netflix, saying the value of the cable spinoff central to the streaming giant's offer was effectively worthless. Warner Bros Discovery's board on Wednesday rejected Paramount's amended hostile offer that included a $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt.  The CBS parent and Netflix have been in a heated battle for Warner Bros, its prized film and television studios, and its extensive content library that includes "Harry Potter" and the DC Comics universe. Paramount's argument – one it is using to sway investors – is that its all-cash $30-per-share offer for the whole of Warner Bros is superior to Netflix's $27.75 a share cash-and-stock deal for the studios and streaming assets and will more easily clear regulatory hurdles. The Netflix deal is worth $82.7 billion. In its response on Thursday, Paramount even went so far as to suggest that the cable properties of CNN and Discovery, which Netflix does not want, are effectively worth less than nothing, based on an equity valuation of the recently floated Versant Media, a Comcast spinoff that includes digital assets and TV channels such as CNBC. That stock has dropped 18% since its market debut on Monday. That sour performance has given fresh ammunition to Paramount's campaign to convince Warner Bros shareholders its offer is better. On Thursday, it said it values the Warner Bros cable spinoff at zero – or even less than that, due to its high leverage and lagging performance. "While Discovery Global equity would have no equity value if the company trades in line with Versant, there are in fact several compelling reasons why it should trade at a discount to Versant," Paramount said Thursday. Paramount said the Netflix offer would reduce the cash paid to shareholders if Warner Bros loads more debt onto the merger. The company argues the cash payout could drop to $20 per share, from the current offer of $23.25, if Warner Bros were to adopt the leverage in line with Versant.  Warner Bros did not immediately respond to a request for comment. Netflix cited its Wednesday statement that its offer is the superior deal and will deliver the greatest value. Shares of Warner Bros and Netflix were down less than 1 percent each, while those of Paramount ticked up 0.6%. "It would be surprising if the shareholders were swayed by the argument because they've likely already considered the declining value of linear TV assets when they agreed to split the company and sell the growing portion to Netflix," said Ross Benes, senior analyst at eMarketer. "But Paramount has a point – fading TV networks aren't appealing to most investors." Paramount's tender offer will expire on January 21, but the company can extend it. WARNER BROS UNCONVINCED BY 'INADEQUATE' PARAMOUNT BID Warner Bros has argued that Paramount's revised December 22 bid "remains inadequate", citing uncertainty regarding the CNN parent's ability to finalize the transaction, and the exposure of Warner Bros shareholders to significant risks and costs in the event of deal failure. The board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. Netflix's deal requires no equity financing and is backed by $59 billion in debt from banks including Wells Fargo, BNP Paribas and HSBC Holdings. Warner Bros has also said it would owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. Paramount did not offer to cover the costs on Thursday. Warner Bros Chairman Samuel Di Piazza has said the company is not currently negotiating with Paramount but is open to a deal if Paramount can "put something on the table that is compelling." Some Warner Bros investors, including the 7th-largest shareholder Pentwater Capital, have argued that the board was making a mistake not engaging with Paramount. REGULATORY SCRUTINY For either suitor, winning shareholder support is only the first hurdle for a deal that would face tough scrutiny by the antitrust regulators in the U.S. and Europe. Bipartisan lawmakers have raised concerns about the potential harm for consumers and creatives and U.S. President Donald Trump has said he plans to weigh in on the deals. Paramount's bid will create a studio bigger than market leader Disney and fuse two major TV operators, which some Democratic senators say will control "almost everything Americans watch on TV".  Separately, Paramount is seeking strategic partners to help revive MTV, recasting it as more than just a cable network, Bloomberg News reported. For Netflix, a lightning rod in Hollywood over its streaming-first approach, the deal would cement its dominance with a combined 428 million subscribers. It has promised to honor Warner Bros' theatrical commitments. (Reporting by Aditya Soni and Harshita Varghese in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Deborah Sophia and Anhata Rooprai; Editing by Sriraj Kalluvila)

(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 Aditya Soni, Harshita Mary Varghese and Dawn Chmielewski Jan 8 (Reuters) – Paramount Skydance on Thursday reiterated that its $108.4 billion bid for Warner Bros Discovery was superior to a rival deal from Netflix, saying the value of the cable spinoff central to the streaming giant's offer was effectively worthless. Warner Bros Discovery's board on Wednesday rejected Paramount's amended hostile offer that included a $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt.  The CBS parent and Netflix have been in a heated battle for Warner Bros, its prized film and television studios, and its extensive content library that includes "Harry Potter" and the DC Comics universe. Paramount's argument – one it is using to sway investors – is that its all-cash $30-per-share offer for the whole of Warner Bros is superior to Netflix's $27.75 a share cash-and-stock deal for the studios and streaming assets and will more easily clear regulatory hurdles. The Netflix deal is worth $82.7 billion. In its response on Thursday, Paramount even went so far as to suggest that the cable properties of CNN and Discovery, which Netflix does not want, are effectively worth less than nothing, based on an equity valuation of the recently floated Versant Media, a Comcast spinoff that includes digital assets and TV channels such as CNBC. That stock has dropped 18% since its market debut on Monday. That sour performance has given fresh ammunition to Paramount's campaign to convince Warner Bros shareholders its offer is better. On Thursday, it said it values the Warner Bros cable spinoff at zero – or even less than that, due to its high leverage and lagging performance. "While Discovery Global equity would have no equity value if the company trades in line with Versant, there are in fact several compelling reasons why it should trade at a discount to Versant," Paramount said Thursday. Paramount said the Netflix offer would reduce the cash paid to shareholders if Warner Bros loads more debt onto the merger. The company argues the cash payout could drop to $20 per share, from the current offer of $23.25, if Warner Bros were to adopt the leverage in line with Versant.  Warner Bros did not immediately respond to a request for comment. Netflix cited its Wednesday statement that its offer is the superior deal and will deliver the greatest value. Shares of both Warner Bros and Netflix were down nearly 1%, while those of Paramount ticked up 0.6%. "It would be surprising if the shareholders were swayed by the argument because they've likely already considered the declining value of linear TV assets when they agreed to split the company and sell the growing portion to Netflix," said Ross Benes, senior analyst at eMarketer. "But Paramount has a point – fading TV networks aren't appealing to most investors." Paramount's tender offer will expire on January 21, but the company can extend it. WARNER BROS UNCONVINCED BY 'INADEQUATE' PARAMOUNT BID Warner Bros has argued that Paramount's revised December 22 bid "remains inadequate", citing uncertainty regarding the CNN parent's ability to finalize the transaction, and the exposure of Warner Bros shareholders to significant risks and costs in the event of deal failure. The board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. Netflix's deal requires no equity financing and is backed by $59 billion in debt from banks including Wells Fargo, BNP Paribas and HSBC Holdings. Warner Bros has also said it would owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. Paramount did not offer to cover the costs on Thursday. Warner Bros Chairman Samuel Di Piazza has said the company is not currently negotiating with Paramount but is open to a deal if Paramount can "put something on the table that is compelling." Some Warner Bros investors, including the 7th-largest shareholder Pentwater Capital, have argued that the board was making a mistake not engaging with Paramount. REGULATORY SCRUTINY For either suitor, winning shareholder support is only the first hurdle for a deal that would face tough scrutiny by the antitrust regulators in the U.S. and Europe. Bipartisan lawmakers have raised concerns about the potential harm for consumers and creatives and U.S. President Donald Trump has said he plans to weigh in on the deals. Paramount's bid will create a studio bigger than market leader Disney and fuse two major TV operators, which some Democratic senators say will control "almost everything Americans watch on TV".  For Netflix, a lightning rod in Hollywood over its streaming-first approach, the deal would cement its dominance with a combined 428 million subscribers. It has promised to honor Warner Bros' theatrical commitments. (Reporting by Aditya Soni and Harshita Varghese in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Deborah Sophia and Anhata Rooprai; Editing by Sriraj Kalluvila)

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