TheRetroArcade
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The acquisition was "always a 'nice to have' at the right price, not a 'must have' at any price," Netflix said.
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A few months ago, it looked probable that Netflix was going to acquire Warner Bros Discovery—owner of HBO, Cartoon Network, Warner Bros Games, and much more—but a hostile takeover bid from Paramount Skydance has won out.
On Thursday, the Warner Bros Discovery board deemed a $31-per-share offer from Paramount Skydance superior to the Netflix deal, and Netflix opted not to raise its own offer.
"We believe we would have been strong stewards of Warner Bros' iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US," Netflix said in a statement. "But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price."
Barring any more surprises, Paramount Skydance will take the prize if regulators allow it, and has agreed to pay a $2.8 billion termination fee owed to Netflix now that its pending deal has fallen through.
Senate Democrat Cory Booker immediately renewed a call for Paramount CEO David Ellison to attend a Senate Judiciary antitrust subcommittee hearing next week, Deadline reports. The already-scheduled hearing would previously have focused on the Netflix-Warner Bros deal, which subcommittee chair Republican Mike Lee has criticized.
Ellison and his father, billionaire Oracle CEO Larry Ellison, are allies of the Trump administration. According to sources cited by The Wall Street Journal in December, David Ellison has promised the administration that he'll make sweeping changes to CNN, a frequent target of Trump's ire, should he win out.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
Tyler grew up in Silicon Valley during the '80s and '90s, playing games like Zork and Arkanoid on early PCs. He was later captivated by Myst, SimCity, Civilization, Command & Conquer, all the shooters they call "boomer shooters" now, and PS1 classic Bushido Blade (that's right: he had Bleem!). Tyler joined PC Gamer in 2011, and today he's focused on the site's news coverage. His hobbies include amateur boxing and adding to his 1,200-plus hours in Rocket League.
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Every Thursday
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Our special GTA 6 newsletter, with breaking news, insider info, and rumor analysis from the award-winning GTA 6 O'clock experts.
Every Friday
Knowledge
From the creators of Edge: A weekly videogame industry newsletter with analysis from expert writers, guidance from professionals, and insight into what's on the horizon.
Every Thursday
The Setup
Hardware nerds unite, sign up to our free tech newsletter for a weekly digest of the hottest new tech, the latest gadgets on the test bench, and much more.
Every Wednesday
Switch 2 Spotlight
Sign up to our new Switch 2 newsletter, where we bring you the latest talking points on Nintendo's new console each week, bring you up to date on the news, and recommend what games to play.
Every Saturday
The Watchlist
Subscribe for a weekly digest of the movie and TV news that matters, direct to your inbox. From first-look trailers, interviews, reviews and explainers, we've got you covered.
Once a month
SFX
Get sneak previews, exclusive competitions and details of special events each month!
A few months ago, it looked probable that Netflix was going to acquire Warner Bros Discovery—owner of HBO, Cartoon Network, Warner Bros Games, and much more—but a hostile takeover bid from Paramount Skydance has won out.
On Thursday, the Warner Bros Discovery board deemed a $31-per-share offer from Paramount Skydance superior to the Netflix deal, and Netflix opted not to raise its own offer.
"We believe we would have been strong stewards of Warner Bros' iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US," Netflix said in a statement. "But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price."
Barring any more surprises, Paramount Skydance will take the prize if regulators allow it, and has agreed to pay a $2.8 billion termination fee owed to Netflix now that its pending deal has fallen through.
Senate Democrat Cory Booker immediately renewed a call for Paramount CEO David Ellison to attend a Senate Judiciary antitrust subcommittee hearing next week, Deadline reports. The already-scheduled hearing would previously have focused on the Netflix-Warner Bros deal, which subcommittee chair Republican Mike Lee has criticized.
Ellison and his father, billionaire Oracle CEO Larry Ellison, are allies of the Trump administration. According to sources cited by The Wall Street Journal in December, David Ellison has promised the administration that he'll make sweeping changes to CNN, a frequent target of Trump's ire, should he win out.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
Tyler grew up in Silicon Valley during the '80s and '90s, playing games like Zork and Arkanoid on early PCs. He was later captivated by Myst, SimCity, Civilization, Command & Conquer, all the shooters they call "boomer shooters" now, and PS1 classic Bushido Blade (that's right: he had Bleem!). Tyler joined PC Gamer in 2011, and today he's focused on the site's news coverage. His hobbies include amateur boxing and adding to his 1,200-plus hours in Rocket League.
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Please logout and then login again, you will then be prompted ...Read more: Full article on www.pcgamer.com
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