Netflix, Skydance and Paramount
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The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.
NEW YORK (AP) — Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.
Some of Wall Street’s biggest rainmakers are vying for a windfall as the Paramount-Netflix bidding war for Warner Bros Discovery reaches a climax, capping a blockbuster year for mergers and acquisitions.