Netflix is reportedly preparing to switch to an all-cash offer to seal its takeover of the studios and streaming businesses of Warner Bros Discovery (WBD), as it tries to speed up the deal and fend off a rival hostile bid from Paramount Skydance.The changes to Netflix’s $83bn (£62bn) offer, first reported by Bloomberg, are designed to accelerate the acquisition, which is expected to take months to conclude, and make it more palatable for WBD shareholders.The tie-up between Netflix and WBD has faced a backla ...

Paramount Skydance Corp. ratcheted up the stakes in the monthslong battle for Warner Bros. Discovery Inc., saying it plans to nominate directors to the board to thwart a merger with Netflix Inc. The company, run by David Ellison, also said it filed a lawsuit against Warner Bros. in an attempt to force out into the open more details about Netflix’s $82.7 billion takeover agreement, escalating an acrimonious bidding war between the media company and the streaming giant that has captivated Hollywood and Wall ...

Skydance Media CEO David Ellison attends the premiere of Netflix's "Spellbound" at the Paris Theater on Monday, Nov. 11, 2024, in New York. (Evan Agostini/Evan Agostini/Invision/AP) Paramount is staying the course on its $30-a-share bid for Warner Bros. Discovery, again appealing directly to shareholders. The move comes after Warner Bros. Discovery's board voted unanimously this week to reject Paramount's revised bid, in which billionaire Larry Ellison agreed to personally guarantee the equity portion of ...

Following CBS News’ delaying of a "60 Minutes" segment examining the Trump administration’s deportation of Venezuelan migrants to El Salvador’s CECOT prison, some media outlets have raised questions about whether the move was meant to curry favor with the administration amid an escalating battle for Warner Bros. Discovery. Paramount and its majority shareholders, the billionaire Ellison family, recently sweetened a bid for Warner Bros. Discovery to the tune of $108 billion. Considering WBD is currently movi ...

Paramount Sky dance. It sweetened its offer for Warner Brothers. Today, Larry Ellison agreeing to personally guarantee $48 billion in equity financing for the proposed $108 billion takeover offer for Warner Brothers.So let's bring in Bloomberg Attack co-host Caroline Hyde now for more on this story. So, Caroline, this is getting really interesting. What I'm curious about is how long can this continue on given that shareholders aren't voting until the middle of next year.I mean, this is such a Hollywood dram ...

Core Points - The article discusses the blocking of Amazon's takeover and the subsequent ownership transfer to Chinese entities [1] Group 1 - The decision to block Amazon's acquisition is highlighted as a significant regulatory move [1] - The implications of the takeover blockage suggest a shift in ownership dynamics within the industry [1] - The article indicates that Chinese ownership will now play a crucial role in the affected market [1]

As Paramount detailed in regulatory filings about its pursuit, the sale process conducted by WBD was itself illusory, as its repeated interest was met with no serious engagement. Paramount told investors today that it continued to believe its bid was never taken seriously. “During the entirety of the sale ‘process’ undertaken by the Warner Bros. board, representatives of Warner Bros. did not provide a single markup of a single transaction document, have a single meeting to go page-by-page through the docume ...

Core Viewpoint - Warner Bros. Discovery (WBD) board unanimously recommends shareholders reject Paramount Skydance's takeover offer in favor of a superior proposal from Netflix [1][3] Group 1: Takeover Offer - Paramount launched a hostile bid for WBD with a $30-per-share all-cash offer, valuing the equity at $108.4 billion [2] - Paramount Skydance CEO David Ellison claims the deal is better than Netflix's and would have a higher chance of regulatory approval [2] Group 2: Board's Evaluation - WBD board concluded that Paramount's offer is inadequate and poses significant risks and costs to shareholders [3] - The board emphasized that Paramount's offer fails to address key concerns previously communicated during extensive engagements [3] - WBD is confident that its merger with Netflix represents superior and more certain value for shareholders [3]

Core Viewpoint - Warner Bros. Discovery (WBD) has rejected Paramount Skydance's cash offer of $30 per share, citing it as inadequate and risky compared to Netflix's cash-and-stock proposal of $27.75 per share, which is deemed to provide superior value for shareholders [1][2]. Summary by Sections Offer Comparison - Paramount's bid aims to acquire all of WBD, including its cable channels, while Netflix's offer focuses on WBD's studio, HBO, and HBO Max [2]. - WBD's board has unanimously recommended that shareholders reject Paramount's offer in favor of the Netflix merger [12][13]. Concerns with Paramount's Offer - WBD's board highlighted that Paramount's proposal does not adequately address key concerns, particularly regarding its financing structure, which relies on an "unknown and opaque revocable trust" rather than a solid commitment from the Ellison family [3][16]. - The board emphasized that the financing commitment from Paramount is not as secure as that from Netflix, which is backed by a public company with a market cap exceeding $400 billion [19][20]. Financial Implications - The Netflix merger agreement offers WBD shareholders $23.25 in cash and $4.50 in Netflix stock, along with potential future upside from Discovery Global's separation from WBD [15]. - Accepting Paramount's offer could incur significant costs for WBD, including a $2.8 billion termination fee to Netflix and approximately $1.5 billion in financing costs, totaling around $4.3 billion, or $1.66 per share for WBD shareholders [27]. Regulatory Considerations - WBD's board does not believe there is a material difference in regulatory risk between the two proposals, despite Paramount's claims of easier regulatory approval [7][24]. - Netflix has agreed to a record-setting regulatory termination cash fee of $5.8 billion, which is higher than Paramount's $5 billion break fee [24]. Strategic Review Process - The board conducted a thorough review of strategic alternatives, engaging extensively with all parties, including Paramount, over nearly three months [22]. - Despite multiple opportunities for Paramount to present a superior proposal, it failed to do so, leading to the board's continued support for the Netflix merger [23].

Core Viewpoint - Greencore's acquisition of Bakkavor is set to finalize in January after receiving clearance from the UK's Competition and Markets Authority (CMA), contingent upon the sale of the Bristol soups and sauces business [1][3]. Group 1: Transaction Details - The CMA accepted Greencore's commitment to sell the Bristol factory to The Compleat Food Group to address competition concerns, preventing further investigation [2]. - The completion date for the Bakkavor transaction is set for 16 January, with the Bristol business disposal expected to conclude on 17 January [3][4]. - The takeover is valued between £1.2 billion and £1.5 billion ($1.6 billion to $2 billion), creating a combined private-label business with revenues of approximately £4 billion [4]. Group 2: Financial Performance - Greencore reported a 7.7% increase in annual revenue for the year ending September, reaching £1.95 billion, with profit before tax rising by 29.3% to £79.5 million [6]. - Adjusted EBITDA increased by 17.9% to £181.2 million, while adjusted operating profit rose by 28.9% to £125.7 million [6]. - Adjusted earnings per share surged by 46.5% to 18.6 pence [6]. Group 3: Company Structure Post-Acquisition - Following the acquisition, Greencore shareholders will own approximately 59.8% of the new entity, with Bakkavor investors holding the remaining shares [5]. - Both companies operate in the food-to-go and convenience products sector, supplying major UK supermarkets [5].