The Wall Street Journal yesterday:
Paramount launched a $77.9 billion hostile takeover offer for Warner Bros. Discovery Monday, taking its case for acquiring the storied entertainment company directly to shareholders just days after Warner agreed to a deal with Netflix.
Paramount, run by David Ellison, is arguing that its all-cash $30-a-share offer for all of Warner, owner of networks such as CNN, TBS and HGTV as well as the HBO Max streaming service, is a better deal for shareholders and more likely to pass regulatory muster.
“We’re really here to finish what we started,” Ellison said on CNBC Monday morning.
The “more likely to pass regulatory muster” bit is a euphemism for the Ellisons (David, and the real player here, his $250+-b...
The Wall Street Journal yesterday:
Paramount launched a $77.9 billion hostile takeover offer for Warner Bros. Discovery Monday, taking its case for acquiring the storied entertainment company directly to shareholders just days after Warner agreed to a deal with Netflix.
Paramount, run by David Ellison, is arguing that its all-cash $30-a-share offer for all of Warner, owner of networks such as CNN, TBS and HGTV as well as the HBO Max streaming service, is a better deal for shareholders and more likely to pass regulatory muster.
“We’re really here to finish what we started,” Ellison said on CNBC Monday morning.
The “more likely to pass regulatory muster” bit is a euphemism for the Ellisons (David, and the real player here, his $250+-billion-dollar-net-worth father Larry) being on the inside of the Trump administration oligarchy. It’s so transparent that Trump’s son-in-law Jared Kushner is part of the hostile bid, along with sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar.
That said, while the Executive Branch is influential in such regulatory approvals, it’s not completely under their control. The U.S. court system, while under duress from this administration, remains independent, and with admittedly notable exceptions, remains largely on the up-and-up.
And CNN’s Brian Stelter reports that Netflix was prepared for this:
“Today’s move was entirely expected,” Netflix co-CEO Ted Sarandos said on stage at a UBS conference just now, waving off Paramount’s hostile play for WBD. “We have a deal done, and we are incredibly happy with the deal... We’re super confident we’re going to get it across.”