It seems even a hostile takeover attempt can't stop Warner Bros. from being bought up by Netflix. If you're not aware, the streamer is planning to purchase the media conglomerate Warner Bros. Discovery, with the deal seeming all but certain. Paramount, which had previously made a bid for the company, decided it would go out swinging and offered a massive bid which would have been theoretically more lucrative for shareholders.
But, according to Bloomberg, it seems that Paramount's mammoth bid will be rejected as Warner Bros. isn't sure that the David Ellison-led company can put its money where its mouth is. It's believed the Netflix deal is more lucrative, while offering better certainty and terms.
So, despite Paramount's best efforts, it seems that the Netflix deal has little standing in its path now. Paramount's bid did reek a bit of desperation, but there are still plenty of concerns among Hollywood insiders and moviegoers about what this will mean for the future of the film industry and particularly film theatres.