&imwidth=800&imheight=600&format=webp&quality=medium "Paramount-Warner Bros Discovery merger clears key shareholder hurdle; Details inside")
Hollywood's biggest studios, Paramount and Warner Bros. Discovery, are slowly inching towards the merger deal. The mega-deal between the duo has reportedly got a green light from Warner Bros. Discovery shareholders that would bring together the two Hollywood's legacy studios. Let's delve in to know more.
More details of the Paramount-Warner deal to happen soon!
As per reports, Warner Bros. Discovery shareholders voted to approve the company's acquisition by Paramount Skydance, which would tie up the two studios under one roof, reshaping the majority of the entertainment industry in America. However, the shareholders rejected WBD CEO David Zaslav's compensation package.
Reports suggest that post the shareholder approval secured, Paramount CEO David Ellison needs to clear the remaining regulatory hurdles (particularly in Europe) to close the deal. In addition, the $110 billion transaction still needs to be approved by antitrust regulators at the Department of Justice. The merger could face a separate legal challenge from California Attorney General Rob Bonta, whose office is investigating the deal.
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Paramount reportedly said in a statement, "Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals. We look forward to closing the transaction in the coming months and realising the creation of a next-generation media and entertainment company that better serves both the creative community and consumers.
Reportedly, Paramount and WBD's deal is expected to close in the third quarter, pending regulators' sign-off.
All about Paramount's offer to Warner Bros. Discover
As per reports, Warner Bros. Discovery, in a statement, said that Paramount has made a new proposal of $31 per share, which was $30 in December. The earlier bid was announced shortly after Warner made a deal with Netflix to sell its studio and streaming business for $27.75 per share.
Prior to Paramount, Netflix was marked as the front-runner following its win in the weeks-long bidding battle that involved Paramount and Comcast. The streaming giant agreed to take over WBD’s film studios, TV libraries, and HBO Max operations, valuing the deal at US$82.7 billion, including debt. If regulatory approval failed, they would offer a US$5.8 billion breakup fee.
Also Read: Joaquin Phoenix, Kristen Stewart and other Hollywood stars oppose Paramount-Warner $111 billion deal
But after Paramount’s latest bid, which is significantly larger in enterprise value and targets the entire company, including WBD's television networks such as CNN, TNT, and TBS, puts the earlier settled deal into uncertainty. Reportedly, Paramount stated that it had submitted multiple proposals for WBD since September last year, but allegedly its offers were ignored.
