Source: Fortune
Summary
Warner Bros. Discovery has received a 7-day waiver from Netflix to reopen takeover talks with Paramount Skydance. The waiver allows Warner Bros. to discuss “deficiencies” in Paramount’s previous offers. Warner Bros. has until Monday to negotiate a possible transaction with Paramount Skydance. Netflix’s $72 billion all-cash offer for Warner’s studio and streaming business is still recommended by Warner’s board. Paramount wants to acquire Warner’s entire company, including networks like CNN and Discovery, for $77.9 billion.
Our Reading
The numbers tell one story.
Warner Bros. gets a 7-day waiver to talk to Paramount Skydance. Netflix grants the waiver, saying it’s confident in its $72 billion offer. Paramount wants the whole company, including CNN and Discovery, for $77.9 billion. The clock is ticking for Paramount to raise its offer. Warner Bros.’ board still backs the Netflix deal.
It’s a game of high-stakes poker, where the players are major media companies and the chips are billions of dollars.
Author: Evan Null
