While it looked like the fate of Warner Bros. Discovery‘s sale to Netflix was pretty much over, the bidding war drama continues. This time, Netflix is clapping back and taking a more aggressive position by calling the latest hostile bid from David Ellison‘s Paramount Skydance just an “ongoing distraction.”
New statements made by the streamer (via The Wrap) take aim at Paramount Skydance’s endless hostile bids, the latest being a revised version that is said to potentially see WBD board/shareholders engage with the offer, despite their binding deal with Netflix.
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“Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance (PSKY). While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics. Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.”
Netflix continued, “This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders.” They also reiterate that they believe that their deal would “deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series, both at home and in theaters.” Adding that their deal “is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television, not consolidation and layoffs,” and claims it would “expand production capacity, increase its investment in original content, and create jobs.” The streamer is also boasting its confidence that its deal with WBD has a “clear path to timely regulatory approval.”
However, that last sentiment might be overlooking the Ellison Family’s (donors to Trump’s campaign and current owners of Bari Weiss-controlled CBS News) potential transactional relationship with the White House (President Trump has telegraphed he may illegally interfere with the regulatory approval process, as ownership of news network CNN is also on the table). In normal times, a sitting president wouldn’t even comment on an upcoming merger that his government is looking to approve, but we’re seeing laws and norms being thrown out the window for what looks like a massive corruption scheme going on at the White House and the Department of Justice (Trump seemingly selling access to companies and pardons to convicted criminals).
Only time will tell who will actually acquire the legacy studio, as voting on the Netflix deal is expected to take place on March 20, according to a report at Variety. Meanwhile, WBD is giving Ellison until February 23 to make their “best and final offer.”
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