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By Harshita Mary Varghese, Aditya Soni and Dawn Chmielewski Dec 8 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant. Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly. The Warner Bros Discovery board of directors on Monday afternoon said it would review Paramount's offer, but was not modifying its recommendation with respect to Netflix. It advised the company to "take no action at this time" in regard to the Paramount Skydance proposal.  Paramount's $30-per-share cash offer includes financing from Affinity Partners, the investment firm run by Jared Kushner, U.S. President Donald Trump's son-in-law, and several Middle Eastern government-run investment funds, and is backstopped by the Ellison family. Larry Ellison, the world's second-richest person, is the father of Paramount head David Ellison and has close ties to the White House.  Larry Ellison called Trump after the Netflix deal was announced and told him the transaction would hurt competition, the Wall Street Journal reported, citing a White House official and a person familiar with the matter. The studio argues its bid for the entirety of Warner Bros Discovery is superior to Netflix, giving shareholders $18 billion more in cash and an easier path to regulatory approval. It said a Paramount-Warner Bros combination, which would be among the largest media deals in history, would be in the best interest of the creative community, movie theaters and consumers, who would benefit from enhanced competition.  "We believe our offer will create a stronger Hollywood," Paramount CEO David Ellison said in a statement. Separately, he said Paramount's proposal offered "higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future." Paramount's bid includes Warner Bros Discovery's cable television properties; Netflix's bid is limited to the Warner Bros film and television studios, HBO and the HBO Max streaming service.  Analysts noted that Paramount's offer comes with its own antitrust scrutiny as a consolidation of two major television operators. Last month, Democratic senators warned that such a transaction would result in "one company controlling almost everything Americans watch on TV." The combined studio would also have a greater market share than current leader Disney, and add to fears of consolidation that have hit the industry in recent years.  The offer represents a 139% premium over the company's value from before the buyout talks started, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER At a UBS conference, Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal.   "In the offer that Paramount was talking about today, the Ellisons were talking about $6 billion of synergies," said Sarandos. "Where do you think synergies come from? Cutting jobs? So we're not cutting jobs. We're making jobs." In a regulatory filing, Paramount said that the Ellison family, which owns Paramount, along with private equity firm RedBird Capital, had agreed to backstop $40.7 billion in equity capital. The offer also includes financing from Kushner's Affinity Partners, the Saudi and Qatari sovereign wealth funds, and L'imad Holding Co, owned by the government of Abu Dhabi. “A Paramount Skydance-Warner Bros merger would be a five-alarm antitrust fire and exactly what our anti-monopoly laws are written to prevent," U.S. Senator Elizabeth Warren, a Democrat, said on Monday. The hostile bid "is backed by a who's who of Trump buddies … raising serious questions about influence-peddling, political favoritism, and national security risks." If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer.  On Monday, Trump said neither bidding party "are friends of mine," and he wanted "to do what's right." He added that he had not spoken to Kushner about the Paramount bid. Netflix's bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions over concerns that it could lead to job cuts as well as higher prices for consumers. "While it is perhaps a sad commentary on the U.S. that Paramount thinks its closeness to the occupant of the Oval Office will help it seal the deal, it is merely doing what it can to steal a march on its rival," said Chris Beauchamp, chief market analyst at UK-based IG Group.  Shares of Paramount were up 7.3% on Monday. Warner Bros Discovery rose 5.3%, while Netflix shares fell 4%. TWISTS AND TURNS Reuters had already reported, citing sources familiar, that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.  "The Warner Bros Discovery acquisition is far from over," said eMarketer senior analyst Ross Benes. "Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged." Paramount maintained that it would be a champion of Hollywood and its talent, would remain committed to releasing movies in theaters, and that its path to regulatory approval would be faster than Netflix's. In its appeal to shareholders, Paramount said it submitted six proposals over the course of 12 weeks, but Warner Bros "never engaged meaningfully" with these proposals. The company said it had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.  That followed reports that Warner Bros' management called the Netflix deal a "slam dunk" while speaking negatively about Paramount's offer.  In an interview with CNBC on Monday, David Ellison said there was an "inherent bias" in the bidding.   (Reporting by Dawn Chmielewski in Los Angeles, Harshita Mary Varghese and Aditya Soni in Bengaluru; Additional reporting by Milana Vinn and Jody Godoy in New York and Jaspreet Singh in Bengaluru; Editing by David Gaffen, Arun Koyyur and Nick Zieminski)

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

By Jaspreet Singh Dec 8 (Reuters) – Paramount Skydance launched a hostile bid worth $108.4 billion for Warner Bros Discovery, challenging a rival offer from Netflix and injecting uncertainty into the future of Hollywood's storied media company. Since 2000, the parent company of the Warner Bros movie studio has been through three major reorganizations. Now the company is facing its fourth reorganization. Here are four graphics showing why the deal involving Warner Bros Discovery matters: TO BETTER COMPETE WITH DISNEY If Paramount succeeds in acquiring Warner Bros Discovery, the combined company would surpass market leader Disney in the U.S. and Canada's box office market share. Though Disney+ remains a big competitor in the streaming space, with 15% global app monthly active user share, it lags slightly in individual user engagement metrics compared to Netflix and HBO Max, according to market intelligence firm Sensor Tower. The potential buyout will also beef up Paramount's content slate with HBO Max's critically acclaimed shows ranging from "Game of Thrones" and "Succession" to classic prestige titles such as "The Wire" and "The Sopranos." YOUTUBE CARVING OUT MARKET SHARE Alphabet's YouTube dominates other streaming platforms, with the largest share of total TV viewing time. It benefits from a combination of user-generated content, advertising revenue and live services. The video streaming service said in March that it had more than 125 million paying subscribers, though those figures include users who are signed up for temporary free trials. YouTube has around 2.9 billion global mobile app monthly active users in the current quarter, exceeding the combined MAUs of major streaming services, including Netflix, Disney+, HBO Max, Paramount+ and Peacock, according to Sensor Tower. In October, YouTube led streaming in the United States with 12.9% viewership, followed by Netflix with 8% share, according to Nielsen data. DEFINING MOMENT FOR HOLLYWOOD Shares of Warner Bros Discovery closed up over 4% on Monday, as the sale of the company would be one of the most consequential moments reshaping the media industry. With a market value of over $60 billion, the company's shares have more than doubled since reports of Paramount's interest in the company surfaced early in September. "Paramount and Netflix are both among the world's largest content spenders. There will be significant concentration in content spending if either of them purchases WBD. Paramount has more direct overlap due to theatrical releases, but the size of each bidder's content spending could spark antitrust concerns," said eMarketer analyst Ross Benes. DEALING WITH DEBT Warner Bros Discovery has roughly $35 billion in debt, meaning any deal will carry a significant debt load. The company had earlier rejected bids from Paramount, before the David Ellison-led company escalated to a hostile takeover bid. In 2022, the WarnerMedia and Discovery merger resulted in a significant debt burden, which has stifled the company's long-term strategic initiatives. Under their potential deals, Paramount is expected to assume roughly $30 billion of debt from Warner Bros Discovery, while Netflix would assume around $10 billion of debt. (Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)

(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 Dec 8 (Reuters) – Paramount Skydance launched a hostile bid worth $108.4 billion for Warner Bros Discovery, challenging a rival offer from Netflix and injecting uncertainty into the future of Hollywood's storied media company. Since 2000, the parent company of the Warner Bros movie studio has been through three major reorganizations. Now the company is facing its fourth reorganization. Here are four graphics showing why the deal involving Warner Bros Discovery matters: TO BETTER COMPETE WITH DISNEY If Paramount succeeds in acquiring Warner Bros Discovery, the combined company would surpass market leader Disney in the U.S. and Canada's box office market share. Though Disney+ remains a big competitor in the streaming space, with 15% global app monthly active user share, it lags slightly in individual user engagement metrics compared to Netflix and HBO Max, according to market intelligence firm Sensor Tower. The potential buyout will also beef up Paramount's content slate with HBO Max's critically acclaimed shows ranging from "Game of Thrones" and "Succession" to classic prestige titles such as "The Wire" and "The Sopranos." YOUTUBE CARVING OUT MARKET SHARE Alphabet's YouTube dominates other streaming platforms, with the largest share of total TV viewing time. It benefits from a combination of user-generated content, advertising revenue and live services. The video streaming service said in March that it had more than 125 million paying subscribers, though those figures include users who are signed up for temporary free trials. YouTube has around 2.9 billion global mobile app monthly active users in the current quarter, exceeding the combined MAUs of major streaming services, including Netflix, Disney+, HBO Max, Paramount+ and Peacock, according to Sensor Tower. In October, YouTube led streaming in the United States with 12.9% viewership, followed by Netflix with 8% share, according to Nielsen data. DEFINING MOMENT FOR HOLLYWOOD Shares of Warner Bros Discovery closed up over 4% on Monday, as the sale of the company would be one of the most consequential moments reshaping the media industry. With a market value of over $60 billion, the company's shares have more than doubled since reports of Paramount's interest in the company surfaced early in September. "Paramount and Netflix are both among the world's largest content spenders. There will be significant concentration in content spending if either of them purchases WBD. Paramount has more direct overlap due to theatrical releases, but the size of each bidder's content spending could spark antitrust concerns," said eMarketer analyst Ross Benes. DEALING WITH DEBT Warner Bros Discovery has roughly $35 billion in debt, meaning any deal will carry a significant debt load. The company had earlier rejected bids from Paramount, before the David Ellison-led company escalated to a hostile takeover bid. In 2022, the WarnerMedia and Discovery merger resulted in a significant debt burden, which has stifled the company's long-term strategic initiatives. Under their potential deals, Paramount is expected to assume roughly $30 billion of debt from Warner Bros Discovery, while Netflix would assume around $10 billion of debt. (Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)

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Dec 8 (Reuters) – Late-night host Jimmy Kimmel has signed a one-year contract extension with television network ABC and will continue to host his show through May 2027, a source familiar with the matter told Reuters on Monday. Kimmel returned to ABC's late-night television lineup in September after a nearly week-long suspension over remarks on his show "Jimmy Kimmel Live!" about the assassination of conservative activist Charlie Kirk that corporate parent Disney described as "insensitive." The host and Disney had agreed on the extension months ago and delayed announcing their plans out of respect for fellow late-night host Stephen Colbert, according to Bloomberg News, which had reported the development earlier. Kimmel's current contract expires in May next year. Colbert's "The Late Show with Stephen Colbert" will end its 10-year run on CBS, owned by Paramount Skydance, in May 2026. Disney had temporarily pulled Kimmel's show off the air after Federal Communications Commission Chairman Brendan Carr said the host misled viewers about Kirk's alleged shooter's affiliation with Trump's Make America Great Again movement. Carr is set to testify on December 17 before the Senate Commerce Committee after he faced bipartisan criticism for pressuring broadcasters to take Kimmel off the air. (Reporting by Juby Babu in Mexico City)

(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 Dec 8 (Reuters) – Paramount Skydance launched a hostile bid worth $108.4 billion for Warner Bros Discovery, challenging a rival offer from Netflix and injecting uncertainty into the future of Hollywood's storied media company. Since 2000, the parent company of the Warner Bros movie studio has been through three major reorganizations. Now the company is facing its fourth reorganization. Here are four graphics showing why the deal involving Warner Bros Discovery matters: TO BETTER COMPETE WITH DISNEY If Paramount succeeds in acquiring Warner Bros Discovery, the combined company would surpass market leader Disney in the U.S. and Canada's box office market share. Though Disney+ remains a big competitor in the streaming space, with 15% global app monthly active user share, it lags slightly in individual user engagement metrics compared to Netflix and HBO Max, according to market intelligence firm Sensor Tower. The potential buyout will also beef up Paramount's content slate with HBO Max's critically acclaimed shows ranging from "Game of Thrones" and "Succession" to classic prestige titles such as "The Wire" and "The Sopranos." YOUTUBE CARVING OUT MARKET SHARE Alphabet's YouTube dominates other streaming platforms, with the largest share of total TV viewing time. It benefits from a combination of user-generated content, advertising revenue and live services. The video streaming service said in March that it had more than 125 million paying subscribers, though those figures include users who are signed up for temporary free trials. YouTube has around 2.9 billion global mobile app monthly active users in the current quarter, exceeding the combined MAUs of major streaming services, including Netflix, Disney+, HBO Max, Paramount+ and Peacock, according to Sensor Tower. In October, YouTube led streaming in the United States with 12.9% viewership, followed by Netflix with 8% share, according to Nielsen data. DEFINING MOMENT FOR HOLLYWOOD Shares of Warner Bros Discovery closed up over 4% on Monday, as the sale of the company would be one of the most consequential moments reshaping the media industry. With a market value of over $60 billion, the company's shares have more than doubled since reports of Paramount's interest in the company surfaced early in September. "Paramount and Netflix are both among the world's largest content spenders. There will be significant concentration in content spending if either of them purchases WBD. Paramount has more direct overlap due to theatrical releases, but the size of each bidder's content spending could spark antitrust concerns," said eMarketer analyst Ross Benes. DEALING WITH DEBT Warner Bros Discovery has roughly $35 billion in debt, meaning any deal will carry a significant debt load. The company had earlier rejected bids from Paramount, before the David Ellison-led company escalated to a hostile takeover bid. In 2022, the WarnerMedia and Discovery merger resulted in a significant debt burden, which has stifled the company's long-term strategic initiatives. Under their potential deals, Paramount is expected to assume roughly $30 billion of debt from Warner Bros Discovery, while Netflix would assume around $10 billion of debt. (Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)

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

Dec 8 (Reuters) – Netflix's $72 billion Warner Bros deal led to several price target cuts by Wall Street analysts as U.S. President Donald Trump warned of market-share concerns, underscoring the tough scrutiny that the acquisition is likely to face. The deal that combines the world's largest streaming service with HBO Max and a major Hollywood studio has also drawn criticism from bipartisan lawmakers and unions on concerns it could lead to job cuts and higher prices for consumers. Trump warned on Sunday while speaking at the Kennedy Center that the combined group's enlarged market share "could be a problem" and that he will be involved in the decision. Netflix has agreed to a $5.8 billion termination fee if it cannot obtain regulatory approval, in a sign of confidence of a greenlight. To ease concerns of market concentration, it is likely to argue that the market for online video also includes YouTube and TikTok – two of the most popular platforms with hundreds of millions of users. "Antitrust opposition stalls consummation of the deal for a couple of years, and raises at least an element of risk about completion," said Rosenblatt analyst Barton Crockett. Hollywood unions have voiced concerns about increased market concentration, reduced film output and the potential for higher consumer costs. Rival bidder Paramount Skydance has said the deal process was biased, raising chances of a higher bid or a hostile takeover. The political dynamics may be further complicated by Warner Bros Discovery's rejection of Paramount Skydance, a studio with Trump connections, in favor of Netflix, analysts said. At least three brokerages cut their price targets for Netflix, with consensus median price target now at $139, according to data compiled by LSEG. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Arun Koyyur)

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LOS ANGELES, Dec 8 (Reuters) – Dark comedy "One Battle After Another," starring Leonardo DiCaprio, topped the list of film nominees on Monday for Hollywood's Golden Globe awards, receiving nine nods. (Reporting by Lisa RichwineEditing by Bernadette Baum)

(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 Harshita Mary Varghese, Aditya Soni and Dawn Chmielewski Dec 8 (Reuters) – Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant. Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly. The Warner Bros Discovery board of directors on Monday afternoon said it would review Paramount's offer, but was not modifying its recommendation with respect to Netflix. It advised the company to "take no action at this time" in regard to the Paramount Skydance proposal.  Paramount's $30-per-share cash offer includes financing from Affinity Partners, the investment firm run by Jared Kushner, U.S. President Donald Trump's son-in-law, and several Middle Eastern government-run investment funds, and is backstopped by the Ellison family. Larry Ellison, the world's second-richest person, is the father of Paramount head David Ellison and has close ties to the White House.  The studio argues its bid for the entirety of Warner Bros Discovery is superior to Netflix, giving shareholders $18 billion more in cash and an easier path to regulatory approval. It said a Paramount-Warner Bros combination, which would be among the largest media deals in history, would be in the best interest of the creative community, movie theaters and consumers, who would benefit from enhanced competition.  "We believe our offer will create a stronger Hollywood," Paramount CEO David Ellison said in a statement. Separately, he said Paramount's proposal offered "higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future." Paramount's bid includes Warner Bros Discovery's cable television properties; Netflix's bid is limited to the Warner Bros film and television studios, HBO and the HBO Max streaming service.  Analysts noted that Paramount's offer comes with its own antitrust scrutiny as a consolidation of two major television operators. Last month, Democratic senators warned that such a transaction would result in "one company controlling almost everything Americans watch on TV." The combined studio would also have a greater market share than current leader Disney, and add to fears of consolidation that have hit the industry in recent years.  The offer represents a 139% premium over the company's value from before the buyout talks started, and bests Netflix's $27.75 offer that mixes cash and stock. KUSHNER, SAUDIS PART OF PARAMOUNT OFFER At a UBS conference, Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal.   "In the offer that Paramount was talking about today, the Ellisons were talking about $6 billion of synergies," said Sarandos. "Where do you think synergies come from? Cutting jobs? So we're not cutting jobs. We're making jobs." In a regulatory filing, Paramount said that the Ellison family, which owns Paramount, along with private equity firm RedBird Capital, had agreed to backstop $40.7 billion in equity capital. The offer also includes financing from Kushner's Affinity Partners, the Saudi and Qatari sovereign wealth funds, and L'imad Holding Co, owned by the government of Abu Dhabi. “A Paramount Skydance-Warner Bros merger would be a five-alarm antitrust fire and exactly what our anti-monopoly laws are written to prevent," U.S. Senator Elizabeth Warren, a Democrat, said on Monday. The hostile bid "is backed by a who's who of Trump buddies … raising serious questions about influence-peddling, political favoritism, and national security risks." If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer. On Monday, Trump said neither bidding party "are friends of mine," and he wanted "to do what's right". He added that he had not spoken to Kushner about the Paramount bid. Netflix's bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions over concerns that it could lead to job cuts as well as higher prices for consumers. "While it is perhaps a sad commentary on the U.S. that Paramount thinks its closeness to the occupant of the Oval Office will help it seal the deal, it is merely doing what it can to steal a march on its rival," said Chris Beauchamp, chief market analyst at UK-based IG Group.  Shares of Paramount were up 7.3% on Monday. Warner Bros Discovery rose 5.3%, while Netflix shares fell 4%. TWISTS AND TURNS Reuters had already reported, citing sources familiar, that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.  "The Warner Bros Discovery acquisition is far from over," said eMarketer senior analyst Ross Benes. "Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged." Paramount maintained that it would be a champion of Hollywood and its talent, would remain committed to releasing movies in theaters, and that its path to regulatory approval would be faster than Netflix's. In its appeal to shareholders, Paramount said it submitted six proposals over the course of 12 weeks, but Warner Bros "never engaged meaningfully" with these proposals. The company said it had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.  That followed reports that Warner Bros' management called the Netflix deal a "slam dunk" while speaking negatively about Paramount's offer.  In an interview with CNBC on Monday, Paramount CEO David Ellison said there was an "inherent bias" in the bidding. (Reporting by Dawn Chmielewski in Los Angeles, Harshita Mary Varghese and Aditya Soni in Bengaluru; Additional reporting by Milana Vinn and Jody Godoy in New York and Jaspreet Singh in Bengaluru; Editing by David Gaffen, Arun Koyyur and Nick Zieminski)

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

LOS ANGELES, Dec 8 (Reuters) – Dark comedy "One Battle After Another," starring Leonardo DiCaprio, topped the list of film nominees on Monday for Hollywood's Golden Globe awards, receiving nine nods. Norwegian family drama "Sentimental Value" claimed eight nominations. Acting nominees included DiCaprio for his role as a washed-up revolutionary in "One Battle After Another," Dwayne Johnson for "The Smashing Machine" and Jessie Buckley for "Hamnet." Winners will be chosen by entertainment journalists from around the world and announced at a Jan. 11 ceremony in Beverly Hills. (Reporting by Lisa RichwineEditing by Bernadette Baum and Nick Zieminski)

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Dec 8 (Reuters) – Paramount Skydance on Monday launched a $108.4 billion deal for Warner Bros Discovery, throwing a wrench into the $72 billion deal with Netflix in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant. (Reporting by Harshita Mary Varghese and Aditya Soni in Bengaluru; Editing by 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.)