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LOS ANGELES, Jan 20 (Reuters) – Netflix exceeded Wall Street's revenue estimates for its holiday quarter, as it crossed 325 million subscribers, the company said on Tuesday. Revenue came in at $12.1 billion for October through December – topping forecasts of $11.97 billion for the quarter, according to analysts surveyed by LSEG. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. Netflix also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder mystery series. Investors remain focused on Netflix's $82.7 billion pursuit of Warner Bros Discovery's studio and other entertainment assets, as it seeks to fend off a hostile bid from Paramount Skydance.  Netflix amended its merger agreement to an all-cash offer for the film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix Co-CEO Ted Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  In financial results, Netflix reported adjusted per-share earnings of 56 cents for the fourth quarter ended in December, slightly above estimates of 55 cents per share. Netflix forecasts continued growth in 2026, with revenue of $50.7 billion to $51.7 billion. Ad revenue is expected to roughly double, Netflix said. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

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By Foo Yun Chee BRUSSELS, Jan 20 (Reuters) – Universal Music Group is set to secure EU antitrust approval for its $775 million bid for Downtown Music after regulators signalled acceptance of its offer to sell the latter's royalty services platform, people with direct knowledge of the matter said. Universal last month offered to divest Downtown's royalty services platform Curve to address the European Commission's competition concerns. The EU antitrust watchdog has not demanded further concessions, the people said. The Commission, which is scheduled to decide on the deal by February 27, and Universal declined to comment. The acquisition, via Universal unit Virgin Music Group and announced in December 2024, has drawn criticism and pushback from a wide swathe of independent labels, worried about the boost to Universal's market power and want the deal to be blocked. Downtown owns a major music publisher and a number of other businesses that help musicians collect royalties. The Commission last year warned that Universal may have the ability and incentive to gain access to commercially sensitive data that is stored and processed by Downtown following the acquisition. (Reporting by Foo Yun Chee; Editing by Kirsten Donovan and Louise Heavens)

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Jan 20 (Reuters) – Streaming services captured nearly half of all television viewership in the U.S. in December, powered by Netflix's Christmas Day NFL games and the highly anticipated final season of "Stranger Things," audience measurement firm Nielsen reported on Tuesday. With a record 47.5% of total TV usage in the U.S., including a staggering 55.1 billion viewing minutes on Christmas Day, streaming services cemented their dominance over broadcast and cable, Nielsen said in its monthly report, The Gauge. Google's YouTube alone accounted for 12.7% of all television viewing last month, representing the largest audience share for a streaming service. The data reflects the ongoing transformation of the television industry, as viewers increasingly gravitate toward on-demand content and live sports migrate to digital platforms. On Christmas Day alone, streaming commanded 54% of all TV usage, the largest single-day share ever recorded by the category. The two NFL games on Netflix , new "Stranger Things" episodes, and Amazon Prime Video's late NFL game combined to propel the demand. Netflix viewership was up 10% from November, as "Stranger Things" generated over 15 billion viewing minutes to become December's most-watched streaming title. Broadcast accounted for 21.4% of TV viewership in December, while cable had a 20.2% share, Nielsen said. The shift is driving consolidation in the sector, with Netflix bidding $82.7 billion to acquire Warner Bros Discovery's studio and streaming assets. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Leroy Leo)

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By Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio and Nick Zieminski)

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By Hanna Rantala LONDON, Jan 20 ((Reuters)) – Thriller "Mercy" imagines a near future where the justice system is powered by artificial intelligence and suspects are presumed guilty unless they can prove their innocence.    In a violence-ridden Los Angeles in 2029, police detective Chris Raven (Chris Pratt) wakes up in a stupor, shackled to a chair, facing the AI judge Maddox (Rebecca Ferguson) that he helped create. Raven is accused of murdering his wife and has 90 minutes to prove his innocence or he will be executed on the spot.    The Timur Bekmambetov-directed movie felt like a theatre play said Pratt and Ferguson, who were split up on separate stages, communicating via earpieces and acting out 40-50-minute long scenes.    "I've never played a robot or AI, tapping into human emotions," said Ferguson. "The conversations that came with that, it was really fun."    "For me, being confined to a chair was something that was different. I'm a pretty physical person," said Pratt, who asked to get strapped in for takes.    "I found it helpful because I truly felt I could fight against it, and felt even more claustrophobic."    To portray the motionless Maddox, who mimics humans, Bekmambetov gave Ferguson a chart of emotions.    "He would say, 'I want you to smile at the oddest moment'," she said. "There wasn't that much for me to work with, other than behind the eyes."    Maddox has access to the city's cloud, to which all citizens are legally obligated to connect their devices, and which Raven can use to try to exonerate himself.    Shot in Bekmambetov's "screenlife" style, much of the film's action takes place on displays. As Maddox and Raven scour social media accounts, surveillance feeds, police body cameras, doorbell recorders and databases, the images are blasted on the futuristic courtroom's walls.    Pratt believes the film's immersive nature will make audiences question their own behaviour.    "They're going to probably be thinking, 'I've etched each of my actions in digital stone over the past 12-15 years. If I'm ever put in a position where this could be used against me, there's a lot of stuff out there," he said.    "You're kind of on the same journey with my character. As I'm defending myself, you're sort of defending your own actions," said Pratt. "It's like your life is being thrown at you. It's a little bit jarring."    "Mercy" begins its global theatrical rollout on Thursday. (Reporting by Hanna Rantala, Editing by Nick Zieminski)

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Jan 20 (Reuters) – Streaming services captured nearly half of all television viewership in the U.S. in December, powered by Netflix's Christmas Day NFL games and the highly anticipated final season of "Stranger Things," audience measurement firm Nielsen reported on Tuesday. With a record 47.5% of total TV usage in the U.S., including a staggering 55.1 billion viewing minutes on Christmas Day, streaming services cemented their dominance over broadcast and cable, Nielsen said in its monthly report, The Gauge. Google's YouTube alone accounted for 12.7% of all television viewing last month, representing the largest audience share for a streaming service. The data reflects the ongoing transformation of the television industry, as viewers increasingly gravitate toward on-demand content and live sports migrate to digital platforms. On Christmas Day alone, streaming commanded 54% of all TV usage, the largest single-day share ever recorded by the category. The two NFL games on Netflix , new "Stranger Things" episodes, and Amazon Prime Video's late NFL game combined to propel the demand. Netflix viewership was up 10% from November, as "Stranger Things" generated over 15 billion viewing minutes to become December's most-watched streaming title. Broadcast accounted for 21.4% of TV viewership in December, while cable had a 20.2% share, Nielsen said. The shift is driving consolidation in the sector, with Netflix bidding $82.7 billion to acquire Warner Bros Discovery's studio and streaming assets. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Leroy Leo)

(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 20 (Reuters) – Streaming services captured nearly half of all television viewership in the U.S. in December, powered by Netflix's Christmas Day NFL games and the highly anticipated final season of "Stranger Things," audience measurement firm Nielsen reported on Tuesday. With a record 47.5% of total TV usage in the U.S., including a staggering 55.1 billion viewing minutes on Christmas Day, streaming services cemented their dominance over broadcast and cable, Nielsen said in its monthly report, The Gauge. Google's YouTube alone accounted for 12.7% of all television viewing last month, representing the largest audience share for a streaming service. The data reflects the ongoing transformation of the television industry, as viewers increasingly gravitate toward on-demand content and live sports migrate to digital platforms. On Christmas Day alone, streaming commanded 54% of all TV usage, the largest single-day share ever recorded by the category. The two NFL games on Netflix , new "Stranger Things" episodes, and Amazon Prime Video's late NFL game combined to propel the demand. Netflix viewership was up 10% from November, as "Stranger Things" generated over 15 billion viewing minutes to become December's most-watched streaming title. Broadcast accounted for 21.4% of TV viewership in December, while cable had a 20.2% share, Nielsen said. The shift is driving consolidation in the sector, with Netflix bidding $82.7 billion to acquire Warner Bros Discovery's studio and streaming assets. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Leroy Leo)

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By Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio 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 Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the HBO owner's board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes "Batman" and "Superman." Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 1.2% before the bell. Paramount shares were down 1%, while Warner Bros was little changed. EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese; editing by Dawn Kopecki and David Gregorio)

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Jan 20 (Reuters) – Netflix submitted an amended all-cash offer for Warner Bros Discovery's studio and streaming businesses, winning unanimous board support without raising the $82.7 billion price tag, according to a regulatory filing. 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 2025 Warner Bros Discovery's board rejects a 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 2025 Axios reports that Warner Bros Discovery's board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November 2025 Warner Bros Discovery receives preliminary buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December 2025 Warner Bros Discovery receives a second round of bids, including a mostly cash offer from Netflix. December 2025 Paramount Skydance accuses Warner Bros 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 2025 Netflix is in exclusive talks to buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December 2025 Netflix agrees to buy Warner Bros Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December 2025 Paramount Skydance makes a hostile bid for Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. December 2025 Warner Bros Discovery's board rejects Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances. December 2025 Paramount Skydance amends its offer to buy Warner Bros Discovery to include a $40.4 billion personal guarantee from Larry Ellison. January 2026 Warner Bros Discovery rejects Paramount Skydance's amended hostile bid despite Larry Ellison's guarantee. January 2026 Paramount Skydance files lawsuit to force Warner Bros Discovery to disclose details of its deal with Netflix and plans to nominate directors to Warner Bros Discovery's board. Netflix amends its bid to an January 2026 all‑cash offer for Warner Bros Discovery's studio and streaming units and secures unanimous approval from the Warner Bros board without increasing the $82.7 billion purchase price. (Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo, Arun Koyyur and Shinjini Ganguli)

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