Tag: WBD

Paramount Skydance-WBD Merger Agreement Officially Announced

Paramount Skydance Corp. and Warner Bros. Discovery Feb. 27 announced they have entered into a definitive merger agreement under which Paramount will acquire WBD.

Under the terms of the agreement, Paramount will pay $31 per share in cash for all outstanding shares of WBD in a deal valued at $110 billion. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026, according to the companies.

In the event the transaction has not closed by Sept.30, 2026, WBD shareholders will receive a 25 cents per share “ticking fee” for each quarter (measured daily) until closing.

“Together, Paramount and WBD will deliver greater choice for consumers through its leading streaming platforms with an exceptional intellectual property portfolio that has produced popular franchises such as ‘Game of Thrones,’ ‘Mission Impossible,’ ‘Harry Potter,’ ‘Top Gun,’ the DC Universe and ‘SpongeBob SquarePants,'” read the release.

“From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company,” David Ellison, chairman and CEO of Paramount, a Skydance Corp., said in a statement. “By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn’t be more excited for what’s ahead.”

“I’m very pleased with the outcome we achieved for WBD shareholders and the entertainment industry,” David Zaslav, president and CEO of Warner Bros. Discovery, said in a statement. “Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction.”

Paramount is committed to producing a minimum of 30 theatrical films annually, and to traditional windows. Every film will receive a full theatrical release, with a minimum 45-day window globally before becoming available on paid video-on-demand (VOD), with the intention of 60 to 90 days or more to maximize the audience for our most successful releases, according to Paramount. Both studios will continue to support a “vibrant third-party ecosystem” by licensing their films and shows across their own and third-party platforms, while remaining active buyers of content from third-party studios and independent producers, Paramount announced. Following its theatrical run, each film will transition to the current industry standard home video window, preserving paid video-on-demand prior to availability on subscription streaming services. Paramount will continue to adhere to specific windowing regimes in geographies it operates in, including in France where Paramount maintains its windowing commitments, the company announced.

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Warner Bros. Discovery Says Winter Olympics European TV, Streaming Coverage Breaking Records

Warner Bros. Discovery, exclusive distributor of the Milan Cortina Winter Olympics in Europe, said it has seen “significant growth” in TV, streaming viewership through the opening days of the Games.

WBD is distributing “Milano-Cortina 2026” through its Eurosport and TNT Sports pay-TV platforms, in addition to streaming on HBO Max and Discovery+ (where available). Max (Europe) and Discovery+ (U.K.) are the only platforms to offer every event live.

WBD said viewers across Europe are consuming “significantly more” Olympics coverage and content (up 39%) than the 2022 Winter Games in Beijing.

Total hours viewed are up 102% compared with Beijing, including triple-digit growth in France, Germany, Italy (on HBO Max) and the U.K. (Discovery+).

The number of subscribers streaming content exceeded those that viewed the entire Beijing 2022 Games after only three days. Olympics viewers are also viewing substantial amounts of entertainment content, including hockey drama “Heated Rivalry” and season two of “The Pitt,” both recently launched on HBO Max.

“We are delighted with the significant increase in viewership and engagement seen during the first week of the Games, demonstrating that our coverage … is being recognized locally as the go-to destinations for leading sports coverage,” Andrew Georgiou, president and managing director of WBD Sports Europe, said in a statement.

Live coverage of Milano Cortina 2026 runs until Feb. 22.

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WBD Streaming Boss Says HBO Max Global Rollout Is ‘Helpful to Netflix’

With Warner Bros. Discovery set to roll out HBO Max in the coveted U.K. market on March 26, in addition to Ireland, WBD’s global streaming boss JB Perrette Feb. 9 was asked if the launch would negatively impact possible new corporate owner Netflix.

Netflix has an accepted $82.7 billion offer for WBD’s streaming and studio assets. It is also the largest SVOD service in the United Kingdom with 18 million subscribers, including 61% of all U.K. households in January, according to the latest data from the Broadcasters’ Audience Research Board (BARB).

Netflix has surpassed traditional broadcast channels like BBC1 in total viewership minutes among certain demographics, signaling a permanent shift toward on-demand streaming content in the region.

Perrette, speaking at the Feb. 9 press conference, reiterated Netflix co-CEO’s Ted Sarandos longstanding “appreciation and respect” for the HBO brand as something unique and “must-watch.”

At the Feb. 3 U.S. Senate judiciary hearing regarding Netflix’s possible acquisition of WBD, Sarandos told lawmakers that 80% of Max subscribers also subscribe to Netflix, suggesting that the services serve different consumer needs.

Perrette admitted that Max is late to the streaming party in the United Kingdom, and that the rollout is mutually beneficial to both brands, including “helpful to Netflix’s strategic foundations,” because it strengthens the HBO brand’s visibility and premium standing.

“I can’t speak for Netflix but the one thing that’s very clear in the public statements you’ve heard from Ted and [co-CEO Greg [Peters] is they have an enormous amount of appreciation, respect and value for the HBO brand,” Perrette said. “They value the brand as we’re defining it, which is something that is distinct, premium and different to mass volume.”

The executive contends that Netflix focuses on mass content volume, while Max targets high-quality, “category-defining” content.

Andrew Georgiou, president and managing director for Warner Bros. Discovery U.K. & Ireland and Warner Bros. Discovery Sports Europe, added that Max’s launch in the United Kingdom and Ireland would target the 21 million streaming customers not currently paying for Sky service.

“To be able to say to a bunch of the guys outside the Sky universe that they have access to a completely different proposition than Sky is compelling,” Georgiou said.

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Netflix Co-CEO Ted Sarandos Tells Congress WBD Acquisition Is Good for Consumers, Economy

Netflix co-CEO Ted Sarandos Feb. 3 appeared before a U.S. Senate subcommittee hearing touting what he views as the positives surrounding the streamer’s $82.7 billion acquisition of Warner Bros. Discovery’s streaming and studio assets.

The hearing, which addressed the potential impact on competition in media and streaming, also featured testimony from Bruce Campbell, WBD’s chief strategy officer.

In his opening comments, Sarandos said the purchase of Warner Bros. Studios and HBO Max would strengthen the American entertainment industry, preserve choice and value for consumers, and create opportunities for creators.

The executive reiterated that Netflix over the years has created more than 155,000 American jobs, in addition to injecting $225 billion into the U.S. economy. Sarandos said Netflix would honor Warner’s current 45-day theatrical window for new-release movies.

“TV and film have never been more competitive than they are today, and this deal will not change that. Our goal is to win the moment of truth. That’s when Americans sit on their couch, pick up the remote control and decide what to watch. That’s where we compete today,” Sarandos said. “Consumers can easily choose between broadcast and cable, like CBS and so many other networks and streamers like Disney+, HBO Max, Peacock, Paramount+, Tubi. That also includes deep pocketed tech companies who are trying to run away with the television business like Google’s YouTube, Prime Video and Apple.”

Sarandos explained that YouTube represents growing competition, underscored by the social media video platform’s reigning No. 1 position on Nielsen’s monthly chart of top media distributors across household televisions.

“YouTube is not just cat videos anymore. YouTube is TV,” he said.

Sen. Cory Booker (D-N.J.) questioned whether Netflix’s acquisition of WBD would negatively impact the “tens of thousands” of Hollywood workers by the elimination of movies and TV show productions.

“We know Netflix’s power,” Booker said. “I have concerns about Netflix gaining more power over consumers [and leaving consumers with] fewer options.”

Sarandos said Warner Bros. is both a competitor to Netflix and a supplier of content to the streamer.

“Our history is about adding more [content and choices]” to consumers, he said.

Booker said he was disappointed that Paramount Skydance CEO David Ellison, whose company has submitted a rival $108.4 billion bid for the entire WBD, had declined an invitation to address lawmakers.

When asked by Utah Sen. Mike Lee, a Republican, how YouTube could be considered a competitor to Netflix, Sarandos explained how the Google-owned platform will soon live-stream the Academy Awards show, in addition to last year’s opening NFL game from Brazil.

The executive also pointed out that YouTube content creator Markiplier, the pseudonym of Mark Edward Fischbach, had ranked among the top three at the weekend’s box office.

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WBD Shareholder Claims Board Not Negotiating With Paramount in Good Faith

No sooner had the Warner Bros. Discovery board of directors rejected a revised $108.4 billion hostile acquisition bid from Paramount Skydance for the entire media giant than a major WBD shareholder raised a red flag.

Matt Halbower, CEO of Pentwater Capital Management, reportedly the seventh largest investor in WBD with 50 million shares, went on CNBC’s “Squawk Box” with David Faber alleging WBD’s board has not negotiated with Paramount in good faith.

Halbower contends Paramount’s $30-per-share all-cash offer for WBD is economically superior to Netflix’s accepted $27.75-per-share cash/stock offer for WBD’s studio and streaming assets only.

“I think what the WBD board is doing is wrong,”Halbower said. “If Paramount goes away, then it is a lost opportunity.”

The WBD board argues that Paramount’s offer, which includes a $40.4 billion personal guarantee from tech billionaire Larry Ellison, father of Paramount CEO David Ellison, provides insufficient value, including an extraordinary amount of debt financing, including from foreign countries, that it says create risks to close and lack of protections for WBD shareholders if a transaction is not completed.

“Our binding agreement with Netflix will offer superior value at greater levels of certainty, without the significant risks and costs Paramount’s offer would impose on our shareholders,” Samuel Di Piazza, Jr., WBD board chair, said in a statement.

Halbower said he believes Paramount will respond with more guaranteed money.

“The purpose of my letter, more than anything else, is to tell the board of directors, hey, I think you’ve done something that’s wrong because it’s just not just the way you should do a deal to tell someone you are not going to negotiate with them when they’ve already told you and the world publicly, hey, it’s not best and final, we are willing to pay more,” Halbower said.

While the executive contends Paramount would have an easier time dealing with federal regulators (the Ellisons are friends with President Trump), his letter to the board would appear to be self-serving. The higher the share price offered by Paramount, say $2-$3 per share, the more ($100 – $150 million) Pentwater takes home.

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Exhibitor Trade Group Warns Against Netflix or Paramount Acquiring Warner Bros. Studios

Cinema United, formerly called the National Association of Theatre Owners, Jan. 7 submitted written testimony to the House Judiciary Subcommittee for the Administrative State, Regulatory Reform, and Antitrust hearing on the alleged harms caused by the proposed acquisition of the Warner Bros. studio by Netflix or Paramount Skydance.

The trade group says it is “deeply concerned” that Netflix’s accepted $82.7 billion acquisition of Warner Bros. Discovery’s studio and streaming assets would have a “direct and irreversible negative impact” on movie theaters around the world.

“Such an acquisition will further consolidate control over production and distribution of motion pictures in the hands of a single, dominant, global streaming platform in a market that is already highly concentrated,” read the statement. “The impact will not only be felt by theater owners, but by movie fans and surrounding businesses in communities of all sizes.”

Cinema United added that it is no less concerned about Paramount acquiring Warner Bros., which it says would consolidate upwards of 40% of each year’s domestic box office in the hands of a single studio.

Specifically, the trade group said the merger would result in fewer movies produced for theatrical distribution, increased marketplace leverage for studios over theater owners, reduced diversity of films for moviegoers, and job losses across the industry and in communities worldwide.

Paramount has said it would seek $9 billion in cost synergies from the merger. Netflix, which says it would honor Warner’s existing theatrical window agreements, says it would increase jobs through content spending.

“The number of films being produced for theatrical exhibition is slowly returning to pre-2019 levels,” said the trade group. “However, that growth is threatened by further consolidation. At best, an acquisition of Warner Bros. will stall the growth we have seen in the last four years. More realistically, however, it will result in a significant reduction of theatrical releases.”

The statement concluded, “We must heed the lessons of the past: further industry consolidation has consistently led to fewer movies being made, and there is no reason whatsoever to believe the outcome here would be any different, particularly given Netflix’s stated views of movie theaters over the past decade-plus.”

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CBS News Pulls ’60 Minutes’ Segment on Trump Deportation Detainees as Parent Paramount Attempts to Acquire WBD

CBS News Dec. 21 pulled a segment about the Trump administration sending illegal immigrants to a maximum security prison in El Salvador from the weekly new program “60 Minutes” just hours before air time.

“The broadcast lineup for tonight’s edition of ’60 Minutes’ has been updated,” the program posted on its social media platform three hours before airtime. “Our report ‘Inside CECOT’ will air in a future broadcast.”

The update came after a preview of the segment, which featured correspondent Sharyn Alfonsi describing how detainees, including about 250 Venezuelans, were “shackled, paraded in front of cameras,” had been airing and streaming online.

CBS News, which is owned and operated by Paramount Skydance, said the segment wasn’t ready for broadcast despite being vetted by the network’s legal department.

Bari Weiss, editor-in-chief at CBS News, told The New York Times that her job is “to make sure that all stories we publish are the best they can be.”

“Holding stories that aren’t ready for whatever reason — that they lack sufficient context, say, or that they are missing critical voices — happens every day in every newsroom,” Weiss said. “I look forward to airing this important piece when it’s ready.”

Alfonsi claims the segment was pulled for political reasons.

In a staff note reported by the Times, Alfonsi said the segment was “screened five times and cleared by both CBS attorneys and standards and practices.”

“It is factually correct. In my view, pulling it now, after every rigorous internal check has been met, is not an editorial decision, it is a political one,” she reportedly said in the note.

Political bias allegations are what got “60 Minutes” in Trump’s crosshairs in 2024 when the then-GOP presidential candidate sued CBS News alleging that an interview with former Vice President Kamala Harris, the Democratic nominee, had been selectively edited, amounting to election interference.

Paramount, which was in the process of being acquired by Skydance Media — the latter whose CEO David Ellison’s father is longtime Trump ally Larry Ellison — agreed to pay Trump $16 million to settle the suit.

In addition, Ellison agreed to install an ombudsman to monitor against alleged media bias at CBS News, in addition to hiring Weiss.

Last week, however, Trump went on his social media platform complaining that Paramount was not treating him fairly.

“For those people that think I am close with the new owners of CBS, please understand that ’60 Minutes’ has treated me far worse since the so-called ‘takeover,’ than they have ever treated me before. If they are friends, I’d hate to see my enemies!” Trump wrote Dec. 16 on Truth Social.

At the same time, Trump has said that will have an input on the regulatory process involving either Netflix or Paramount acquiring stakes in Warner Bros. Discovery — the largest private equity purchase in history. The president has already opined that WBD-owned CNN be sold or gutted after the sale.

Pulling the “60 Minutes” segment for political and fiscal reasons makes the most sense to Michael Pachter, media analyst with Wedbush Securities in Los Angeles.

“I hope that’s the reason,” he wrote in an email. “It is a better one than any other.”

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Comcast Reportedly Eyeing Significantly Stronger Second Bid For Warner Bros. Discovery

Comcast is reportedly looking to dig deep for a new bid for the studio and streaming assets of Warner Bros. Discovery, due Dec. 1.

CEO Brian Roberts is said to be telling senior management that the media giant, with assets that include NBCUniversal and the Peacock streaming service, would submit an offer of $27 to $28 a share, or $66.9 billion to $69.4 billion, according to the New York Post, which cited sources familiar with the situation.

Paramount Skydance’s most-recent bid, reportedly around $25 per share for the entire WBD, is up from its previous $23.5 a share ($53.8 billion) offer.

Discovery paid $43 billion in 2022 for operational control of the former WarnerMedia from AT&T, to form the current Warner Bros. Discovery — which included absorbing about $50 billion in debt.

Since the acquisition, the company’s stock has steadily declined as CEO David Zaslav cut operating costs, sought to jumpstart DC Universe’s superheroes at the box office (Superman), and flip-flopped on rebranding the HBO Max streaming platform as it expands globally.

Roberts reportedly is looking to bolster the Peacock streaming service (with 41 million subscribers) through the acquisition of HBO Max (125.5 million subs), and access to Warner’s storied studio content library.

A successful bid would help Peacock expand operations outside the United States.

Separately, Netflix, which is interested in WBD’s studio and streaming assets only, has upped its charm offensive on the WBD board, reportedly arguing that its bid would entail limited regulatory scrutiny, i.e. political interference from President Trump and the Federal Communication Commission (FCC), since its offer would not include regulated broadcast television networks. Any transaction would also include Department of Justice scrutiny.

Trump ally Rep. Darrel Issa (CA-R) has warned that Netflix’s acquisition of Warner Bros. would irreparably harm the legacy theatrical business due to the streamer’s cold shoulder to the theatrical window.

Comcast also faces Trump’s expected interference regarding the president’s disdain for late night comic Seth Meyers, and the former MSNBC network, now called MS NOW.

Trump has made it clear he prefers Paramount, under the direction of CEO David Ellison and his father, Trump ally and Oracle founder Larry Ellison, to assume control of WBD, including Trump’s oft media punching bag, CNN.

FCC approval of Ellison’s Skydance Media $8 billion acquisition of the former Paramount Global coincided with a $16 million settlement payment to Trump regarding his lawsuit against CBS News and “60 Minutes” for alleged bias, the appointment of an ombudsman to monitor for any political bias, and the hiring of Trump-friendly Bari Weiss as editor-in-chief of CBS News.

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Fight for Warner Bros. Discovery Intensifies as Nonbinding Bids for All or Part of the Company Come in From Paramount, Comcast and Netflix

The Nov. 20 deadline for bids for Warner Bros. Discovery has come and gone, and yet the future of the company is no less certain than it was before.

As expected, acquisition offers for either the whole company or parts of it were received from Paramount Skydance, Comcast Corp. and Netflix, according to numerous sources and published reports.

Shareholders of WBD — home to the Warner Bros. film studio, HBO and HBO Max, the Discovery Channel, CNN and other high-value media properties — must now decide whether to go ahead with a planned split into two companies, Streaming & Studios and Global Linear Networks, or hit the negotiating table to continue talks with one or more of the three suitors.

Paramount, fresh off its own acquisition by Skydance, wants to buy the whole WBD media empire, while Comcast and Netflix are only interested in the Streaming & Studios part. Should WBD shareholders get serious with either the pay-TV giant or the leading SVOD service, they will still have to find a buyer or buyers for the linear networks, which don’t have anywhere near the dazzle of the studio and streaming unit.

The nonbinding bids received today are only the first step in any sale process, although WBD executives have said they hope to make a final decision before the end of the year.

The WBD board has already rejected an initial offer from Paramount, whose CEO, David Ellison, is the son of wealthy tech mogul Larry Ellison (of Oracle fame). Paramount’s $23.50-per-share offer, 80% cash and 20% stock, also proposed making WBD chief David Zaslav co-chairman and co-CEO of the merged company.

If none of the acquisition offers go through, plans call for WBD to be split into two by April 2026. Under that plan, Streaming & Studios will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max, as well as the film and television libraries.

Global Networks will include entertainment, sports and news television brands, including CNN, TNT Sports in the United States, and Discovery, as well as free-to-air channels across Europe and digital products such the Discovery+ streaming service and the Bleacher Report (B/R).

Zaslav will serve as CEO of Streaming & Studios, while CFO Gunnar Wiedenfels will serve as CEO of Global Networks.

Democrat Lawmakers Seek ‘Non-Biased’ DOJ Overview of Potential WBD Bids

Three Democrat lawmakers are reportedly asking the Department of Justice to take politics out of any overview of a potential acquisition bid for all or select assets of Warner Bros. Discovery.

Senators Bernie Sanders (I-VT), Elizabeth Warren (D-MA) and Richard Blumenthal (D-CT) sent a letter to the Department of Justice urging a non-biased, independent review of any potential Warner Bros. Discovery acquisition bids. The letter expressed concerns about potential political favoritism regarding Paramount Skydance’s bid and the broader antitrust implications, warning that a merger could lead to increased market concentration and higher consumer costs.

“Unbiased enforcement of antitrust and telecommunications laws is necessary to promote market growth and economic security for working families,” the trio wrote in the letter. “The DOJ must ensure that review of any potential transaction involving Warner Bros. is grounded in the law, not President Trump’s political favoritism.”

“A transparent and lawful merger review process ensures that antitrust laws function as intended — to protect competitive markets, prevent concentration of power and safeguard American families from higher prices and fewer choices,” they wrote. “The American people deserve full confidence that the federal government is enforcing these laws independently, transparently and free from political pressure or financial influence.”

Paramount Skydance is the only publicly known bidder for WBD following its rejected $23.50-per-share offer. The company is headed by CEO David Ellison, whose father, Oracle founder Larry Ellison, is one of the wealthiest people in the world and an ally of President Trump.

Comcast and Netflix are reportedly readying bids for WBD assets before the Nov. 20 deadline.

California Rep. Darrell Issa (R-CA) has already questioned Netflix acquiring Warner Bros. studio assets as a threat to the theatrical industry due to the streamer’s disregard of the legacy theatrical window for new-release movies.

The letter was first reported by The Hollywood Reporter.

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