Overview
- Variety, Bloomberg and CNN report that Netflix is now in exclusive negotiations after submitting the highest bid for the studio and streaming assets, with sources citing an offer around $28 per share.
- Bloomberg and the Straits Times say Netflix has proposed a $5 billion breakup fee if regulators block the deal, and CNBC previously reported the proposal is about 85% cash.
- Paramount sent letters alleging a tilted process that favors Netflix and requested an independent special committee, while Warner Bros. Discovery’s lawyers said the board has fully complied with fiduciary duties.
- Rival bids included Paramount’s all-company offer reportedly near $27 per share and Comcast’s interest limited to the studio and streaming businesses, according to multiple outlets.
- Any agreement would face heavy scrutiny in the U.S. and abroad, with lawmakers and industry groups raising competition concerns and Variety noting plans to spin off cable networks like CNN, TNT and TBS before a sale.