In early December, Netflix (NASDAQ: NFLX) agreed to acquire Warner Bros. Discovery (NASDAQ: WBD) in a cash-and-stock deal valued at $72 billion. The move kicked off a high-profile battle that has raged ever since, and the ensuing drama has the makings of a made-for-streaming movie. Since then, Paramount Skydance (NASDAQ: PSKY) has been doing its level best to scuttle the deal, eager to pick up Warner Bros. for itself.
Reports emerged today that Netflix is considering amending its bid, making an all-cash offer for Warner Bros.' studio and streaming assets. The remaining assets of the company, namely the legacy cable and broadcast television stations -- including CNN, TNT Sports (in the U.S.), Discovery, and several broadcast channels in Europe -- would be spun off before the close of the deal, into a new entity dubbed Discovery Global. The value of these Discovery Global shares may ultimately tip the balance in Netflix's favor (more on that in a moment).
Image source: Netflix.
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