The Paramount–Skydance conglomerate has moved to contest the proposed sale of Warner Bros. Discovery to the streaming service Netflix. Media reports put the value of Paramount’s offer at $108.4 billion.
Paramount CEO David Ellison says their bid is superior to Netflix’s on every front. Financing for the deal reportedly involves investors from Saudi Arabia, Qatar and the UAE, as well as Jared Kushner, the son‑in‑law of U.S. President Donald Trump.
President Trump declined to take a position, saying he would remain an observer as events unfold.
“I know these companies very well. I know what they do. But I need to see… what share of the market they hold. We have to look at Netflix’s share, Paramount’s share. I’m not particularly close with them. I want to do the right thing,” the president told reporters.
Warner Bros. have reportedly turned down several overtures from Paramount. Last week, Netflix and Warner Bros. reached an agreement on a merger valued at $82.7 billion. According to Netflix chief Ted Sarandos, the company plans to maintain full theatrical releases for Warner’s films, although Sarandos has previously indicated that the gap between cinema premieres and streaming availability would be significantly shortened.
Read more about the situation in our feature.
Photo: Reuters
