Overview
- Reuters reports Netflix retained Moelis & Co. and was granted access to Warner Bros. Discovery’s data room to assess an offer focused on the studio, HBO and Max.
- Warner Bros. Discovery confirmed a strategic review last week and is evaluating offers alongside its plan to separate studios/streaming from global networks next year.
- WBD’s board has turned down three Paramount Skydance proposals, including a reported $23.50-per-share offer, as CEO David Zaslav signals the company wants higher bids.
- Comcast’s Mike Cavanagh said the company could consider Warner’s studio and streaming businesses after its Versant spinoff, though he emphasized a very high bar for M&A.
- Netflix co-CEO Ted Sarandos reiterated no interest in legacy cable networks such as CNN and TNT, and analysts warn any Comcast pursuit could face significant regulatory hurdles.