David Ellison and Paramount are still keen on taking control of Warner Bros. even if that means the acquisition will be a hostile one. A new bid is being launched directly to shareholders, asking for control of all of Warner Bros. including the TV business for $108.4 billion.
As Variety reports, this is an all-cash offer aiming to acquire all of Warner Bros.' outstanding shares at $30 per share. The Netflix deal, which is valued at $82.7 billion but excludes the TV deal, offers a mix of cash and stock. The Netflix deal is a binding agreement, but it seems that this new bid could be one last chance to stop the streamer getting hold of Warner Bros.
"Paramount's strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash," said Paramount.
Representatives for Netflix and Warner Bros. Discovery are yet to comment at the time of writing. There has been a good deal of criticism from Hollywood insiders and moviegoers following the announcement of the Netflix deal, as it's believed we could be seeing an end to theatrical releases. This could be solved with a Paramount acquisition, theoretically, but it would not end the criticisms around the monopolisation of the movie world.