From CNET: Netflix announced on Friday that it will acquire Warner Bros, HBO and its streaming business HBO Max, in an $82.7 billion deal. That deal is now being contested by Paramount, which confirmed today that it's launching a hostile bid to acquire Warner Bros. Discovery.
Netflix's deal would see the entertainment giant acquire the movie studio, HBO and streaming arm of Warner Bros. Discovery, following the latter company's earlier announcement this year that it's splitting in two. WBD is expected to spin off its Discovery business in the third quarter of 2026.
Paramount's takeover attempt offers Warner Bros.' investors $30 a share (as opposed to Netflix's $27.5 a share), totaling $108 billion. Unlike Netflix's agreement, Paramount's bid would see it purchase the entirety of Warner Bros. Discovery in an all-cash transaction. In its statement to investors, the company said its private offer (one of six) to WBD is now being taken "directly to WBD shareholders and its Board of Directors to ensure they have the opportunity to pursue this clearly superior alternative."
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