Netflix is preparing to make an all-cash offer for Warner Bros Discovery\u2019s studios \u200cand streaming businesses, a source familiar with the matter told Reuters on Tuesday. The changes are designed to expedite a sale, which will take months to close and has faced opposition from politicians and rival bidder Paramount Skydance, according to the source. Bloomberg News reported on the news earlier in the day. Netflix declined to comment on the \u200cBloomberg report, while Warner Bros did not immediately respond to a Reuters request for \u200bcomment. Netflix\u2019s $82.7 billion deal initially consisted of cash and stock for Warner Bros\u2019 film and streaming assets, \u200dwhile Paramount offered $108.4 billion in cash for the whole company, including its cable TV business. Still, Warner Bros has favoured Netflix\u2019s deal despite amendments to Paramount\u2019s bid, including a $40 billion equity backing by Oracle co-founder Larry Ellison and the father of Paramount CEO \u2060David Ellison. Warner Bros\u2019 board has argued that Paramount\u2019s offer hinges on a significant amount of debt financing that \u200dheightens the risk of closing, and the offer \u201cremains inadequate.\u201d Paramount and Netflix have been in a heated battle for Warner Bros, \u200cits prized \u200cfilm and television studios, and its extensive content library. Its lucrative entertainment franchises include \u201cHarry Potter,\u201d \u201cGame of Thrones,\u201d \u201cFriends\u201d and the DC Comics universe, as well as coveted classic films such as \u201cCasablanca\u201d and \u201cCitizen Kane.\u201d The bidding war has become Hollywood\u2019s most closely watched takeover battle, as studios navigate a landscape increasingly dominated by streaming platforms and volatile \u2060theatrical revenues. Meanwhile, lawmakers across \u2060the political spectrum have \u200bvoiced concerns that further media consolidation could drive up prices and reduce consumer choice. Paramount on Monday sued Warner Bros for more information on its deal with Netflix and said it planned to nominate directors to Warner Bros\u2019 board. Paramount has argued \u200dthat the company\u2019s all-cash bid of $30 per share for the entirety of Warner Bros is superior to Netflix\u2019s previous cash-and-stock offer of $27.75 apiece for the studios and streaming assets and will more easily clear regulatory hurdles. Netflix has agreed to a $5.8 billion \u200btermination fee if it cannot obtain regulatory approval, while Warner Bros \u200dwould be obligated to pay the streaming service a $2.8 billion termination fee for abandoning its agreement with Netflix.<\/p>\n","protected":false},"excerpt":{"rendered":"
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