"We're buying a movie studio and a distribution entity that we don't currently have, he told BBC Radio 4's Today programme. We'll be adding to the market where Paramount has committed that they're going to cut $6bn out of the business right away. This industry would be much smaller under that ownership than it would be under Netflix ownership. Sarandos' comments followed an extraordinary intervention in the corporate battle by Donald Trump over the weekend."
"Paramount, which is controlled by the billionaire Ellison family, has tried to secure a $108.4bn takeover of WBD with a bid backstopped by a personal $40bn guarantee by Larry Ellison, a co-founder of Oracle, the cloud computing giant. Netflix's bid is for WBD's studio and streaming platforms, with the rest of the company being spun off separately. Paramount's bid is for the entire corporation including its TV networks."
Netflix launched a fresh defence of its $82.7bn takeover of Warner Bros Discovery assets, asserting the acquisition would add growth to the UK film and television industry. Netflix plans to acquire a movie studio and a distribution entity, while warning that Paramount's bid would cut $6bn and shrink the market. The takeover fight drew an intervention from Donald Trump ordering the removal of Susan Rice from Netflix's board. Paramount has until the end of Monday to submit a best and final offer; its $108.4bn proposal is backed by a $40bn personal guarantee from Larry Ellison. Critics warn both proposals risk excessive consolidation.
Read at www.theguardian.com
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