Paramount’s $111B Offer Outshines Netflix Bid

Warner Bros. Discovery favors Paramount’s $111 billion bid over Netflix’s, citing superior terms and coverage.

Paramount’s $111B Bid To Buy Warner Bros. Discovery ‘Superior’ To Netflix Deal, According To WBD

The board’s decision today effectively ends Netflix’s months-long frontrunner status in one of Hollywood’s most consequential merger battles, according to multiple reports.

Netflix has signaled it will not counter Paramount’s sweetened offer, walking away from its original $83 billion deal valued at $27.75 per share.

Paramount, led by CEO David Ellison and backed by Oracle billionaire Larry Ellison’s personal guarantee, raised its bid to $31 per share in cash, according to reports. 

The offer covers 100 percent of Warner Bros. Discovery, including its cable networks CNN, TNT, and TBS; assets Netflix never intended to acquire.

To secure the deal, Paramount increased its regulatory termination fee to $7 billion and agreed to pay the $2.8 billion breakup fee Warner Bros. Discovery reportedly owes Netflix for terminating their original contract.