Paramount bids $163 billion with backing from Trump allies
Trump said on Monday that neither Netflix nor Paramount Skydance are good friends of his after both companies bid for Warner Bros. Discovery.
Trump said at a White House roundtable: “I know the companies very well. I know what they do, but I need to see, I need to see what percentage of the market… none of them are very good friends of mine.”
Donald Trump and First Lady Melania Trump arrive at the Kennedy Center Honors.Credit: access point
Paramount said its decision to turn hostile came after several previous offers with which Warner management “never meaningfully engaged” after the company announced in October that it was open to selling itself.
In its call to shareholders, Paramount noted that its offer also included US$18 billion more in cash than Netflix’s offer and argued that the offer was more likely to pass antitrust scrutiny from the Trump administration.
Paramount would also acquire Warner Bros.’ CNN and Discovery cable networks; these were assets that Netflix did not want and were not part of its offering.
Netflix co-chairmen Ted Sarandos and Greg Peters told investors at a UBS conference in New York on Monday that they were “extremely confident” their deal with Warner Bros. would be approved.
Warner Bros. in Burbank, California. Studios.Credit: Bloomberg
Paramount agreed to pay Trump US$16 million this year in exchange for an interview with then-Vice President Kamala Harris on the show in 2024 60 Minutes — carried by his network CBS — Trump sued, claiming the package was misleadingly edited.
Weeks later, the federal communications regulator approved an $8 billion merger between Paramount and Skydance.
“The Warner Bros Discovery acquisition is not done yet,” said Emarketer analyst Ross Benes.
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“Netflix is in the driver’s seat, but there will be twists and turns before it gets to the finish line. Paramount will be calling on shareholders, regulators and politicians to try to block Netflix. The battle could drag on.”
Warner Bros. The bid for comes on the heels of Paramount’s acquisition of the news and commentary website in October. Free Press. Paramount later appointed the site’s founder, Bari Weiss, as editor-in-chief of CBS News, saying she believed the country missed balanced, fact-based news.
With AP and Bloomberg
