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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. 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)

(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)

(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 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. 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.)

By Marco Trujillo 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". 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 is to be 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.)

Jan 7 (Reuters) – Warner Bros Discovery's board unanimously turned down Paramount Skydance's revised bid despite a $40.4 billion financing guarantee from Oracle co-founder Larry Ellison. The move marks the latest chapter in the race for assets that include Warner Bros' iconic film and TV studio and its vast library of movies and television shows. Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale. Date Event 1922 Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader. The first issue of Time magazine was published in March 1923. 1923 Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films. 1969  Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. 1972 HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television. 1990 Time Inc merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world. 1996  Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast classic film library. 2000  Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. 2002 AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL. 2003 CEO Steve Case resigns from AOL Time Warner. 2004 Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion. 2009 Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.  2009  Time Warner spins off AOL.  2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing. 2016 AT&T announces acquisition of Time Warner for $85 billion. 2018 AT&T completes its acquisition of Time Warner after regulator's approval, renaming it WarnerMedia. 2021 AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. 2022 WarnerMedia and Discovery complete their merger in a $43 billion deal. June 2025 Warner Bros Discovery announces it would separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets. October Warner Bros Discovery's board rejects a 2025 Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors. November Axios reports that Warner Bros Discovery's 2025 board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November Warner Bros Discovery receives preliminary 2025 buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December Warner Bros Discovery receives a second 2025 round of bids, including a mostly cash offer from Netflix. December Paramount Skydance accuses Warner Bros 2025 Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company. December Netflix is in exclusive talks to 2025 buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December Netflix agrees to buy Warner Bros 2025 Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December Paramount Skydance makes a hostile bid for 2025 Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. December Warner Bros Discovery's board rejects 2025 Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances. December Paramount Skydance amends its offer to buy 2025 Warner Bros Discovery to include a $40.4 billion personal guarantee from Larry Ellison. January Warner Bros Discovery rejects Paramount 2026 Skydance's amended hostile bid despite Larry Ellison's guarantee. (Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo and Arun Koyyur)

(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 Jaspreet Singh, Juby Babu and Kritika Lamba Jan 7 (Reuters) – Warner Bros Discovery rejected Paramount Skydance's amended $108.4 billion hostile bid on Wednesday, potentially clearing a path for the company's deal with Netflix. Last month, Oracle co-founder Larry Ellison provided a personal guarantee of $40.4 billion in equity financing to back Paramount Skydance's all-cash bid. The guarantee aimed to allay Warner Bros board's concerns about Paramount's financing. The bidding war has erupted when the media industry is experiencing profound shifts, marked by intense competition and a transition to streaming amid a declining traditional linear television business. Here is a snapshot of how major media companies are performing: WARNER BROS DISCOVERY The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman." Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group. The company's total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios' revenue declined 5% to $11.61 billion. Warner Bros Pictures Animation began its journey with the iconic "Looney Tunes" in 1930 and has produced classics such as "The Iron Giant," "The Lego Movie" franchise and "Happy Feet." The company's direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year. NETFLIX The streaming company's revenue rose about 16% to $39 billion last year. It had 301.6 million total subscribers in 2024. It primarily derives revenue from subscriptions and has also rolled out ad-supported plans. Major movies and series include "Stranger Things" and "KPop Demon Hunters". It added 589 new Netflix Originals in 2024, up nearly 4% from 2023. YOUTUBE Owned by Alphabet, YouTube said in March that it had over 125 million paying subscribers though those figures include users who are signed up for temporary free trials. Ads comprise the majority of YouTube's revenue, accounting for $36 billion of Alphabet's $350 billion in overall 2024 revenue. For the third quarter of 2025, the video streaming service posted advertising revenue of $10.26 billion. YouTube TV has seen rapid growth as a pay-TV platform and is the fourth-largest pay-TV provider in the U.S. with about 10 million subscribers. WALT DISNEY Walt Disney and brother Roy Disney founded "Disney Brothers Cartoon Studio" after signing a contract with distributor M.J. Winkler for "Alice Comedies" in October 1923. The studio was renamed Walt Disney Studios in 1926. Its portfolio also includes Pixar Animation Studios, Lucasfilm, Marvel Studios, Searchlight Pictures and 20th Century Studios. The company's total revenue rose 3% to $91.36 billion last year. Disney ended the fourth quarter of fiscal 2025 with 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from the year-ago period. Disney is home to popular film franchises such as "Avengers," "Guardians of the Galaxy," "Pirates of the Caribbean" and "Star Wars". It is also home to the ABC network. Cumulatively through September 28, 2024, the company had released about 1,100 full-length live-action films and 100 full-length animated films. Disney closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets in 2019, expanding its portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises.   PARAMOUNT GLOBAL Before its merger with Skydance Media, Paramount's total revenue fell 1% to $29.21 billion last year. Its TV Media segment revenue, which makes up the bulk of its sales, fell 7% to $18.78 billion, hurt by declines in linear advertising and fewer major sporting events on CBS. By contrast, the direct-to-consumer division, which includes Paramount+ and Pluto TV, surged 13% to $7.63 billion, driven by subscriber growth and price increases. Founded in 1912, the studio's library consists of more than 1,200 film titles including "Star Trek," "The Godfather" and "Mission: Impossible," with rights to an additional 2,800. Paramount is the parent of CBS and agreed to pay $16 million to settle a lawsuit filed by U.S. President Donald Trump against the network over a "60 Minutes" interview. In the third quarter of 2025, Paramount+ added 1.4 million subscribers, bringing its total to 79.1 million worldwide. The company also narrowed its streaming losses, signaling progress toward its goal of achieving domestic profitability in 2025. Paramount Pictures, considered the jewel of Paramount Global, has attracted many suitors over the years.   COMCAST Total revenue for Comcast, which owns NBCUniversal, rose 1.8% to $123.73 billion for fiscal 2024. Peacock streaming service generated revenue of $4.9 billion last year and as of the third quarter of 2025, Peacock had 41 million total paid subscribers. Universal Pictures, founded in 1912, has created classics such as "Jurassic Park," "Fast and Furious," "Minions," "Jaws" and "E.T. the Extraterrestrial". Its film library consists of more than 6,500 titles, according to its annual report. Comcast is in the process of spinning off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant early next year. AMAZON Amazon.com, best known for its e-commerce business, has built a significant presence in streaming through Prime Video, a service included with its Prime membership that produces a wide range of original programming, from hit series like "The Boys" and "The Lord of the Rings: The Rings of Power" to big-budget films, and also rents and sells movies and TV shows to both members and non-members.  In 2022, Amazon deepened its entertainment push by acquiring MGM for $8.5 billion, adding thousands of films and TV episodes, including the "James Bond" franchise, to its library. (Reporting by Jaspreet Singh, Kritika Lamba in Bengaluru and Juby Babu in Mexico City; Editing by Alan Barona, Anil D'Silva and Sriraj Kalluvila)

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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)

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SAINT-TROPEZ, France, Jan 7 (Reuters) – Crowds gathered in the French Riviera resort of Saint-Tropez on Wednesday for the funeral of Brigitte Bardot, an icon of French cinema who died last month aged 91. Bardot's coffin, covered in mostly orange and yellow flowers, was carried into the town's Notre-Dame-de-l'Assomption church at the start of the funeral service, which was covered live by French news channels. Inside the church, a black and white picture of Bardot hugging a baby seal was on display, with the words "Merci Brigitte" (Thank you Brigitte). Outside, one man held a placard that read: "The animals thank Brigitte Bardot". 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 that defined liberated femininity in 1950s France. Later, she was 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. Aurore Berge, Macron's minister for equality and a defender of animal rights, was there to represent the government. PRIVATE BURIAL "For me, Brigitte Bardot is France," said singer Mireille Mathieu, 79, who is to sing at the funeral. "She was the most beautiful woman in the world," Mathieu told reporters before walking into the church, praising "that freedom she (Bardot) had, that boldness to say what she thought." After the funeral Bardot is to be 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 at the Pre des Pecheurs area in the old town quarter called La Ponche, the historic centre of the former fishing village. 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. Bardot found celebrity life isolating and a distraction from life's simple pleasures. She made the last of her films in 1973 and left public life, devoting herself to animal welfare. 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". 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)

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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)

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