Netflix want to acquire Warner Bros. but they have to fight off Paramount

While I was off running around the woods for the weekend, Netflix announced their intention to acquire Warner Bros. but now Paramount want to fight.

In the original press release from Netflix they said it will be for a total value of around $82.7 billion at $27.75 per WBD share. This deal would include its film and television studios, HBO Max and HBO, and their game studios too. What it wouldn't include is WBD’s Global Networks division, which was due to be spun off into its own thing. The deal is not actually done, as it has to go through all the usual regulator approvals.

Another wonderful bit of consolidation isn't it? Well, perhaps, but not if Paramount get their way. As they've launched a rival bid for the entirety of Warner Bros. including the Global Networks segment. They're offering more too at $30.00 per share in cash which they said is "$18 billion more in cash than the Netflix consideration".

Interestingly, Paramount say they actually submitted six proposal over the course of 12 weeks but "WBD never engaged meaningfully" and so Paramount has "taken its offer directly to WBD shareholders and its Board of Directors to ensure they have the opportunity to pursue this clearly superior alternative".

Time to get your popcorn out.