That was fast. A week ago Warner Bros. Discovery had a deal in hand with Netflix. Today it wished the giant streamer well but has moved on.
“Netflix is a great company and throughout this process Ted, Greg, Spence and everyone there have been extraordinary partners to us. We wish them well in the future,” said WBD CEO David Zaslav in a statement. “Once our Board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders. We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery and can’t wait to get started working together telling the stories that move the world.”
Ted Sarandos and Greg Peters are co-CEOs of Netflix. Spencer Neumann is its CFO.
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Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board, said he’s “extremely proud of the rigorous process this Board has run over the past five and a half months that has led us to the cusp of combining these two storied companies and the excitement it will bring to audiences for many years to come.”
It’s tough out there.
WBD agreed in a Dec. 5 deal to sell its streaming and studio assets for what ended up being $27.75 a share in cash. David Ellison continued to lob offers for the entire company, all rejected, but sweeteners in the last bid convinced WBD a conversation was needed and from that emerged what was deemed a superior offer.
Netflix had four business days to match, starting today, but opted instead to bow out.
More to come