Overview
- WBD plans to announce by mid to late December whether it will sell assets or the whole company, or proceed with its already scheduled split into Warner Bros. and Discovery Global.
- The board has rejected three Paramount offers reportedly ranging from $19 to $23.50 per share, as Paramount touts an 80% cash bid, a higher breakup fee, and has kept a hostile tender option open by not signing WBD’s NDA.
- Netflix and Comcast have expressed interest in the studio and streaming business, with Netflix retaining Moelis, as WBD weighs a pre- or post-split sale structure for tax efficiency and alternative separation scenarios.
- California’s Department of Justice warned that further entertainment consolidation does not serve consumers or competition, while legal analysis says a WBD–Paramount tie-up could cross 30% market share and lift HHI enough to trigger a presumption of illegality.
- Theatrical exhibitors flag a potential reduction in releases, with Cinema United holding meetings and AMC’s CEO saying the key question is whether any deal results in more movies in theaters.