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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.)

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% 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".  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 and Netflix did not immediately respond to requests for comment. Shares of both Warner Bros and Netflix were down nearly 1% 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 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".  It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.  The Ellisons have cited ties with the Trump administration as a reason why a deal with Paramount would face an easier regulatory path.  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. Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company's bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.  (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 and Netflix did not immediately respond to requests for comment. Shares of both Warner Bros and Netflix were down nearly 1% 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 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".  It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.  The Ellisons have cited ties with the Trump administration as a reason why a deal with Paramount would face an easier regulatory path.  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. Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company's bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.  (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 Discovery and Netflix did not immediately respond to requests for comment. 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 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".  It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.  The Ellisons have cited ties with the Trump administration as a reason why a deal with Paramount would face an easier regulatory path.  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. Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company's bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.  (Reporting by Aditya Soni and Harshita Varghese in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Deborah Sophia; 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 Discovery and Netflix did not immediately respond to requests for comment. 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 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".  It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.  The Ellisons have cited ties with the Trump administration as a reason why a deal with Paramount would face an easier regulatory path.  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. Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company's bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.  (Reporting by Aditya Soni and Harshita Varghese in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Deborah Sophia; 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 Discovery and Netflix did not immediately respond to requests for comment. 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 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".  It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.  The Ellisons have cited ties with the Trump administration as a reason why a deal with Paramount would face an easier regulatory path.  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. Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company's bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.  (Reporting by Aditya Soni and Harshita Varghese in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Deborah Sophia; 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.)

Jan 8 (Reuters) – Paramount Skydance on Thursday reaffirmed its $30-per-share cash bid for Warner Bros Discovery, reiterating that its offer is superior to the HBO Max owner's deal with Netflix. (Reporting by Deborah Sophia in Bengaluru; 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.)