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Paramount Skydance (PSKY) has agreed to buy Warner Bros Discovery for $110 billion, in a deal signed today after Netflix withdrew from the race, Reuters reported.
"Netflix had the legal right to match PSKY's offer. As you all know, they ultimately chose not to. That led to the signing of the deal with PSKY this morning ," Bruce Campbell, Warner Bros. chief revenue and strategy officer, said in an internal briefing.
According to Reuters, the deal concludes a competitive bidding process. Netflix decided not to match Paramount's latest offer of $31 per share. That offer was considered more favorable than the $27.75 per share deal that Warner Bros. had previously reached with Netflix for its studio and streaming businesses.
Following the announcement, Paramount shares rose 24%, while Netflix shares rose 13%, as investors reacted positively to Netflix's decision to withdraw from the race.
Reuters reported that Paramount is expected to secure approval from European Union competition authorities relatively easily, with limited requirements for asset sales. However, the deal has caught the attention of California Attorney General Rob Bonta, who said his office has launched an investigation and will conduct a full review of the transaction.
The deal, which includes about $29 billion in debt, represents one of the biggest reorganizations in the Hollywood entertainment industry. It will create one of the largest film studios globally and give Paramount access to Warner's intellectual property portfolio, including franchises such as "Fantastic Beasts" and "The Matrix."
The transaction will also enable Paramount to strengthen its streaming strategy, through a possible combination of the HBO Max and Paramount+ platforms, with the aim of increasing market share and competing more strongly with the current leader, Netflix.
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