00:00It's Benzinga bringing Wall Street to Main Street.
00:02Paramount Skydance won the bidding war for Warner Brothers Discovery after Netflix
00:06declined to match its $31 per share offer for the entire company, according to the Wall Street
00:12Journal. Netflix's co-CEOS said the company declined to match Paramount Skydance's higher
00:17offer because the price was no longer financially attractive and the deal was never essential at any
00:23cost. Pending regulatory approval, Paramount will take control of Warner Brothers, HBO, CNN,
00:30TNT, TBS, and Food Network. Paramount secured a come-from-behind win after Warner had previously
00:36rejected its overtures. Warner opened a sale process that ended with Netflix signing a December
00:41deal to buy its studios and HBO Max for $27.75 per share, or $72 billion. The outcome follows
00:50Paramount's hostile $30 per share bid and a renewed push after Skydance Media acquired control of
00:56Paramount last August. For all things money, visit Benzinga.com.
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