Business · Companies · 6 hrs ago
Paramount completes $111 billion acquisition of Warner Bros. Discovery
Paramount has completed its $111 billion acquisition of Warner Bros.
Discovery, with the deal becoming official on October 6.
The purchase covers all of WBD, including its studios, HBO, streaming platforms, games and TV networks such as CNN and HGTV.
Warner Bros.
Discovery had been exploring a sale amid heavy debt, declining cable viewership and competition from streaming services.
Netflix had offered $82.7 billion for WBD’s studios and streaming business, but withdrew from negotiations after Paramount raised its offer.
The US Department of Justice approved Paramount’s bid in June, but a lawsuit by 12 state attorneys general led a federal judge to pause the deal.
A judge approved the acquisition in late September, allowing it to proceed.
The completed sale brings WBD’s businesses under Paramount, though the available information does not say what changes will follow.
Paramount completed its $111 billion acquisition of Warner Bros. Discovery, with the deal official as of October 6.
The acquisition covers all of WBD’s assets, including its studios, HBO, streaming platforms, games and television networks such as CNN and HGTV.
Paramount won after a bidding contest that included Netflix, which had offered $82.7 billion for WBD’s studios and streaming assets.
The U.S. Department of Justice approved Paramount’s offer in June, and a judge approved the deal in late September after a temporary pause.
- Who
- Paramount acquired Warner Bros. Discovery.
- What
- Paramount completed a $111 billion acquisition of all WBD assets.
- When
- The deal was official as of October 6; the year is not stated for that date.
- Where
- Not stated
- Why
- WBD was exploring a sale after receiving unsolicited interest from major industry players.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Warner Bros. Discovery said it was exploring a potential sale after receiving unsolicited interest.
Netflix announced an $82.7 billion offer for WBD’s studios and streaming assets.
Netflix amended its agreement to an all-cash offer of $27.75 per WBD share.
Paramount raised its offer to $31 per share, and Netflix withdrew from negotiations.
The U.S. Department of Justice approved Paramount’s offer.
The acquisition became official.
- Acquisition price
- $111 billion
- Assets included
- Studios, HBO, streaming platforms, games and TV networks
- Netflix offer
- $82.7 billion for studios and streaming
- DOJ approval
- June
- Deal official
- October 6
Sources
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