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00:02Paramount said it's $110 billion, or $31 per share. Acquisition of Warner Brothers will
00:08create a combined company with about $79 billion in net debt and no plans to divest cable assets,
00:14according to Reuters. The companies will merge Paramount Plus and HBO Max into one platform
00:20and will serve more than 200 million direct-to-consumer subscribers in over 100 regions.
00:26The deal targets more than $6 billion in cost savings. The companies will unite major cable
00:32networks and film studios and produce at least 30 theatrical films a year. Paramount secured $54
00:38billion in debt commitments and paid a $2.8 billion termination fee to Netflix. The transaction
00:45is expected to close in the third quarter. Paramount shares fell 1.6 percent.
00:50For all things money, visit Benzinga.com.
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