It ain’t over yet. Paramount have swooped in to try to win the bid for Warner Bros. Discovery from Netflix. CEO David Ellison detailed the hostile takeover bid, claiming an offer of $108.4 billion in cash, which is $17.6 billion more than what Netflix offered.
Paramount’s offer includes $24 billion from Saudi Arabia, Qatar and Abu Dhabi wealth funds (which was not originally disclosed), as well as Jared Kushner‘s Affinity Partners, RedBird Capitol, and the Ellison family.
“We love the movie and entertainment business,” Ellison said. “We believe deeply in its future, and we want to help preserve and strengthen it. Movies are one of America’s greatest exports. We want to lean into that legacy, not diminish it.”
“This transaction is about building more, not cutting back,” he added. “More opportunity for the industry, more choice for consumers, more value for shareholders and more support for creative talent.”
Back on December 5th, Netflix officially made their offer of $82.7 billion for Warner Bros. Discovery, which seemed favorable to CEO Ted Sarandos.
We’ll let you know how this situation progresses.
C’mon, Apple. If any other big player in this town deserves that library of IP, it’s you.
