Who is shitting a brick right now? Everyone at CNN, that is who!
Got to figure that heads will roll at the low ranked cable channel as the Ellisons, who own Paramount, are not only backers of President Trump and the GOP, but they are also successful businessmen who actually want to turn a profit rather than prop up an old propaganda network with low ratings.
www.zerohedge.com
Got to figure that heads will roll at the low ranked cable channel as the Ellisons, who own Paramount, are not only backers of President Trump and the GOP, but they are also successful businessmen who actually want to turn a profit rather than prop up an old propaganda network with low ratings.
Paramount Wins Bidding War For Warner Bros. After Netflix Drops Out<!-- --> | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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Paramount Wins Bidding War For Warner Bros.
After Netflix Drops Out
Late on Wednesday, we highlighted an aggressive options trade where a call spread buyer in Netflix options had bet $14 million that Paramount would end up buying Warner Brothers after Netflix walks, something which Polymarket had indicated very much since the start of this particular M&A saga...
... and 24 hours that unknown trader is richer by about $40 million (and a guaranteed visit by the SEC), because late on Thursday, Paramount emerged victorious in the fight to buy Warner Bros. Discovery after Netflix said it wouldn’t match the David Ellison-led company’s latest offer for the iconic Hollywood property. The news sent Netflix shares soaring 10% after hours, demonstrating what the market thought of the deal (not to mention $2.8 billion breakup fee).
With the winds of political change shifting, and the DOJ making it very clear that it preferred Paramount to end up the winner in the contested race, Netflix - which would have had to move regulatory mountains to complete the deal - pulled the plug on its deal soon after the Warner board of directors said it determined Paramount’s $31-per-share offer for the entire company was superior to Netflix’s bid for Warner’s movie and television studios and HBO Max streaming service.
“We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match,” Netflix Co-CEOs Ted Sarandos and Greg Peters said in a statement. “This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” the pair said.
Assuming regulators approve, and they will, Paramount will own not only Warner Bros. and HBO, but also many popular cable networks including the nevertrump collective known as CNN, TNT, TBS and Food Network. The deal would represent a major ground shift for the entertainment industry, which is trying to adapt to seismic shifts in audience habits and technology. . .
STORY CONTINUES AT ZeroHedge link above ^^^