Paramount Skydance launched a $30-per-share hostile bid for Warner Bros. Discovery, totaling $108.4 billion, but the WBD board unanimously rejected the offer in favor of Netflix’s proposal. WBD expects Paramount to potentially counteroffer despite Paramount stating they won’t increase their bid yet. The board also wants more funding from the Ellison family.
Netflix’s cash-and-stock transaction for WBD’s streaming and studio assets is valued at $72 billion, leading the WBD board to favor Netflix’s certainty of close and robust debt commitments over Paramount’s bid. The board believes either deal can navigate antitrust concerns but anticipates a shareholder vote in spring or early summer.
Netflix welcomed the Warner Bros. Discovery board’s decision, emphasizing that their combination will benefit consumers, creators, stockholders, and the entertainment industry. Netflix co-CEO Greg Peters highlighted their clean deal structure, strong balance sheet, and complementary audiences with HBO Max. Peters expressed readiness to defend the deal in court if needed. 1. The stock market saw a significant increase today with the S&P 500 reaching a record high of 4,500 points. This surge was fueled by positive economic data showing strong job growth and consumer spending.
2. In international news, the United Nations reported a record number of refugees worldwide, with over 82 million people forcibly displaced from their homes. This marks the highest number of refugees in history, highlighting the ongoing global crisis.
3. A new study published in a leading medical journal found that the COVID-19 vaccine is highly effective in preventing severe illness and hospitalization. The study analyzed data from over 100,000 patients and showed a 95% effectiveness rate in reducing severe outcomes.
4. In tech news, Apple announced the release of its latest iPhone model, the iPhone 13. The new phone features improved camera capabilities, longer battery life, and a faster processor. Pre-orders for the iPhone 13 have already surpassed expectations, with high demand expected upon its official release.
Read more at CNBC
1. Apple unveils new iPhone 13 models with improved cameras, faster processors, and longer battery life. The iPhone 13 Mini starts at $699, while the iPhone 13 Pro Max starts at $1,099.
2. The U.S. economy added 235,000 jobs in August, falling short of expectations. The unemployment rate dropped to 5.2%, with notable job gains in leisure and hospitality sectors.
3. Tesla announces plans to open its first manufacturing plant in India, aiming to capitalize on the country’s growing demand for electric vehicles. The plant will be located in Karnataka and is expected to create thousands of jobs.: WBD board tells shareholders to reject Paramount Skydance takeover offer