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Warner Bros board rejects Paramount Skydance's bid
The Warner Bros Discovery Board has rejected Paramount Skydance’s US$108.4 billion (A$163.7 billion) takeover bid. In a letter to shareholders, Warner Bros said that Paramount “consistently misled” shareholders that its US$30 per share cash offer was fully guaranteed, or “backstopped” by the Ellison family, led by billionaire and Oracle CEO Larry Ellison. The company wrote that the Paramount offer posed “numerous significant risks” and that it was “inferior” to the Netflix merger agreement. Warner Bros put itself up for sale in October after receiving many expressions of interest from potential buyers, including Paramount Skydance. At the start of December, the media giant announced that it had agreed to sell its film and streaming business to Netflix for US$72 billion. While Paramount is yet to comment on the matter, Netflix welcomed the move. "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," Netflix co-CEO, Ted Sarandos said. There were some key differences between the Paramount and Netflix deals, other than the price being offered. Netflix only wanted to buy Warner Bros movie studio and HBO streaming
Entertainment
Livenation and Ticketmaster face antitrust lawsuit
Live Nation and its subsidiary Ticketmaster must face a class action on behalf of millions of Americans for allegedly overcharging them for events at major concert venues across the United States, according to a Los Angeles Federal Judge. The judge ruled that the plaintiffs met the criteria to expand their lawsuit into a class action, alleging that Ticketmaster has been overcharging customers for major concert tickets since 2010. The lawsuit was initially filed in 2022 and accuses Live Nation of monopolising ticketing services, failing to disclose full prices of tickets and violating antitrust law by charging artificially high prices. The U.S. Trade Commission and several states alleged that 15 years of damages have been tied to over 400 million ticket sales. Live Nation urged the judge not to certify the lawsuit as a class action and said individualised tickets sold for 1,000 venues made it impossible to hold a single trial on the plaintiffs’ allegations. Both Live Nation and Ticketmaster have denied wrongdoing. Live Nation also faces other antitrust lawsuits over its ticketing practices, including one filed in the federal court in Manhattan by the U.S. Justice Department and a group of states, where the company
Entertainment
Netflix faces consumer class action over Warner Bros deal
Netflix has been hit with a consumer lawsuit following the streaming giant’s US$72 billion acquisition of Warner Bros. Discovery’s studio and streaming business. The proposed class action was filed by a subscriber of Warner Bros.-owned subscription service, HBO Max, who said the acquisition would reduce video-on-demand competition. “Netflix has demonstrated repeated willingness to raise subscription prices even while facing competition from full-scale rivals such as WBD,” the lawsuit said. The lawsuit claimed that the Warner Bros Deal would remove one of Netflix’s biggest rivals, HBO Max, and give Netflix control over Warner Bros' marquee franchises, including Harry Potter, DC Comics and Game of Thrones. This follows some Congress members questioning the proposal, as well as film groups including the Directors Guild of America and Writers Guild of America. United States antitrust laws allow consumers to sue over mergers and acquisitions, separate from any federal regulatory agency lawsuit, though such cases face high legal hurdles. Netflix have spoken out against the lawsuit. “We believe this suit is meritless and is merely an attempt by the plaintiffs’ bar to leverage all the attention on the deal,” the strea
Entertainment
Paramount to launch hostile bid for Warner Bros.
Paramount Skydance will launch a hostile bid to buy Warner Bros. Discovery in a last-ditch effort to beat out Netflix. This comes after Netflix announced that it acquired Warner Bros. Discovery over the weekend in a deal valued at around US$72 billion (A$108.5 billion). Paramount Skydance is set to retaliate by going straight to Warner Bros. with an all-cash US$30 per share deal. This is the same bid as the bid Warner Bros rejected last week and equates to an enterprise value of US$108 billion. In a media release, Paramount said its offer to Warner Bros shareholders US$18 million more in cash than Netflix’s consideration. “We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process,” Paramount CEO and chairman David Ellison said. “We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximise the value of their shares." Paramount also has U.S. President Donald Trump on its side as he expressed scepticism about Netflix’s proposed acquisition. Trump said that Net
Entertainment
Netflix acquires Warner Bros in US$72bn deal
Streaming giant Netflix has announced it has acquired Warner Bros. Discovery (WBD), in a deal that the film industry and politicians alike are pushing back against. The deal, which was valued at around US$72 billion (A$108.5 billion), would see the streaming platform acquire titles under the Warner Bros. name, as well as HBO Max. This includes Harry Potter, Game of Thrones, the DC universe and more. It was announced over the weekend after weeks of bidding between Paramount Studios, Netflix, and Comcast for WBD's assets. The industry has heavily decried the acquisition, however, citing concerns around a monopoly on creativity and theatrical releases being impacted. Head of the Directors Guild of America Christopher Nolan confirmed a meeting with Netflix would be imminent, and that the group has “significant concerns”. The sentiment was echoed by the Writers Guild of America in a statement released shortly after the deal was announced, with the group stating that “this merger must be blocked”. “The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent,” the statement said. “The outcome would eliminate jobs, push down wages, worsen conditions f

Entertainment
Paramount claims unfairness; Warner Bros eyes NFLX
Paramount Skydance has accused Warner Bros. Discovery’s (WBD) sales process of being “tilted and unfair”, as Netflix (NASDAQ: NFLX) emerges as the leading contender to buy WBD’s assets. The letter Paramount Skydance sent to WBD alleges that it resisted Paramount’s offer to buy the company outright amid European regulators' concerns about media consolidation, and that WBD’s management has been enthusiastic about Netflix’s bid. “It has become increasingly clear, through media reporting and otherwise, that WBD appears to have abandoned the semblance and reality of a fair transaction process, thereby abdicating its duties to stockholders, and embarked on a myopic process with a predetermined outcome that favours a single bidder,” wrote Paramount Skydance. Paramount Skydance also claimed that the bidding was impacted by management members’ personal interest in roles and compensation after a sale. It called for WBD to appoint an independent special committee of board members to consider bids. “We must insist on assurances and steps taken to ensure that a truly fair and independent process is being conducted, both for Paramount’s benefit and in the interest of WBD’s stockholders,” Paramount Skydance wrote. WBD told Paramou
Entertainment
Warner Bros. Discovery invites improved bids
Warner Bros. Discovery (WBD) has reportedly asked potential buyers to submit improved offers for the company’s assets after an initial round of bidding last week. The company received bids from Paramount Skydance, which aims to buy WBD outright, and from Comcast and Netflix, which would acquire only its film studio and streaming businesses. A second round of bids is due 1 December, Bloomberg and Reuters reported. WBD initially planned to split into two separate companies by mid-2026, but said in October it would evaluate its options. “It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” WBD CEO David Zaslav said at the time. WBD has asked that second-round bids be higher than initial offers, per Variety. It could begin exclusive negotiations with one potential buyer after reviewing the next round of offers, according to Bloomberg. Paramount Skydance has so far bid four times for WBD, and is reportedly the White House’s preferred buyer. WBD rejected its initial
Entertainment
Explainer: The bidding war for Warner Bros. Discovery
Entertainment juggernaut Warner Bros. Discovery (WBD) could soon be split, sold, or both, with the bidding war heating up as 2025 comes to an end. The company, which includes HBO and CNN as well as Warner Bros.’ film and TV assets, said in June that it would separate into two businesses by mid-2026. Paramount Skydance has offered multiple times to buy the company outright, and reportedly submitted another bid on Thursday. Comcast and Netflix have also reportedly offered to buy WBD's film studios and streaming segment. In October, WBD said it would evaluate a range of strategic options, and initial bids are due by 20 November. WBD hopes to complete the auction process by the end of the year, the Wall Street Journal reported. WBD’s current market capitalisation is US$56.70 billion, and its shares have risen 115% across 2025 to date.What's up with WBD?WBD has been carrying large amounts of debt, mainly due to the merger between Warner Bros. and Discovery three years ago. The company reported US$34.5 billion in gross debt last quarter, after having paid off just $1.2 billion during the period. As part of this, it has $16 billion in notional debt from Discovery stemming from a bridge loan. It has also struggled to tur
Entertainment
Warner Bros Discovery amends CEO package
Warner Bros. Discovery has changed the pay package of CEO David Zaslav to ensure he retains his stock options even if the company is sold, as the entertainment company considers various offers and restructuring options. Zaslav has agreed to changes to his tenure and non-qualified stock option agreements, extending his agreement to December 2030 if there is a "change in control" but excluding any sale of its Discovery Global television business or all or substantially all of its assets. This comes as the company reportedly assesses offers from Paramount Skydance for the whole company and from Netflix and Comcast for its studios and streaming operations, at the same time as it also considers a separation of its businesses. In a Securities and Exchange Commission filing, Warner Bros. Discovery said it was clarifying that Zaslav’s employment agreement applied in the event of a ‘reverse spinoff’ before 31 December 2026, in which the Discovery Global television networks and entertainment, sports and news brands, including CNN become a separate company. This would leave Warner Bros as the remaining company with its film studio and streaming businesses. originally, Warner Bros was to be spun off as an independent company wi