Warner Bros. Discovery logo
A huge merger in the entertainment world is now on the cards after Paramount Skydance edged out Netflix in the bidding war for Warner Bros. Discovery.
The streaming giant had been the preferred bidder for WBD since late last year and a deal was announced, but Paramount refused to give up the fight and an improved bid earlier this week forced Netflix to pull out on Thursday.
The deal is still subject to major regulatory and competition hurdles but should it get the greenlight then the new entity would boast a vast array of film and television assets.
Paramount’s portfolio includes Paramount+, CBS, Paramount Pictures, MTV, Channel 5 (UK), Nickelodeon, Comedy Central, Network 10 (Australia) and Showcase Cinemas, while Warner Bros. Discovery includes New Line Cinema, Warner Bros. Pictures, DC Studios, HBO Max, discovery+, HBO, CNN, TNT Sports (UK), Eurosport, Cartoon Network and the Discovery channels.
The overall proposal is valued at $31 per share and all in, with other commitments including debt and paying the termination fees to Netflix, Paramount will pay approximately $111 billion (£82.3 billion) to get the deal over the line.
