Last week, it was reported that Netflix had entered into an agreement to purchase a division of Warner Bros. Discovery that included HBO and HBO Max as well as other properties but it did not include any of the TV stations - TBS and TNT specifically - that airs AEW content.
The announcement was met with a lot of criticism and today, Paramount Skydance has launched a "hostile bid" to purchase all of Warners Bros. Discovery.
According to CNBC, Paramount will be going directly to WBD shareholders ad offering them an all-cash deal worth $30 per share, which would top Netflix's offer of $27.75 per share which as noted, was for the Warner Bros. film studio division but not their TV networks. WBD previously rejected this deal from Paramount.
Paramount is also arguing that they intend to keep Warner Bros. Discovery as a whole which they feel is in the best interest of the company's shareholders with the company boss stating that their offer is "pro-consumer, pro-creative talent and pro-competition." The company is arguing that it is against competition laws if Netflix, the #1 streaming service, to combine with HBO Max, the #3 service.
While Netflix already announced the deal on Friday, the two sides are not completely bound but would have to pay penalties to break their agreement or if it doesn't pass through regulators. Netflix would pay Warner Bros. Discovery $5.8 billion if the deal is not approved while Warner Bros. Discovery said it would pay a $2.8 billion breakup fee if it decides to call off the deal and sell elsewhere.
