In a plot twist worthy of a Stranger Issues episode, Netflix walked away from an $83 billion deal to accumulate Warner Bros. Discovery. The streaming large had reached an settlement in December to purchase HBO and Warner Bros. studios, however when rival bidder Paramount countered with $111 billion, Netflix refused to match the provide.
Netflix stated the deal was “now not financially enticing” on the greater worth. CEO Ted Sarandos had beforehand stated the corporate was keen to “stroll away and let another person overpay for issues,” calling the acquisition a “good to have” deal fairly than a “should have.”
Wall Road agreed. Netflix inventory jumped almost 10% after the announcement. The transfer clears the way in which for David Ellison’s Paramount to accumulate Warner Bros. Discovery, probably creating a serious new competitor in streaming and conventional media.
Learn extra
Join the Entrepreneur Every day e-newsletter to get the information and assets it is advisable to know immediately that can assist you run your online business higher. Get it in your inbox.
In a plot twist worthy of a Stranger Issues episode, Netflix walked away from an $83 billion deal to accumulate Warner Bros. Discovery. The streaming large had reached an settlement in December to purchase HBO and Warner Bros. studios, however when rival bidder Paramount countered with $111 billion, Netflix refused to match the provide.
Netflix stated the deal was “now not financially enticing” on the greater worth. CEO Ted Sarandos had beforehand stated the corporate was keen to “stroll away and let another person overpay for issues,” calling the acquisition a “good to have” deal fairly than a “should have.”
Wall Road agreed. Netflix inventory jumped almost 10% after the announcement. The transfer clears the way in which for David Ellison’s Paramount to accumulate Warner Bros. Discovery, probably creating a serious new competitor in streaming and conventional media.
Learn extra
Join the Entrepreneur Every day e-newsletter to get the information and assets it is advisable to know immediately that can assist you run your online business higher. Get it in your inbox.
