Hollywood Takeover Battle: Netflix vs Paramount for Warner Bros

Netflix revises its bid for Warner Bros Discovery, opting for an all-cash offer, amidst opposition from Paramount Skydance. Warner Bros favors Netflix despite Paramount's higher bid backed by Oracle co-founder Larry Ellison. The deal has sparked legal and political debates on media consolidation and its impact on consumers.

Netflix is refining its bid for Warner Bros Discovery to include an all-cash offer, according to a report by Bloomberg News. The streaming giant aims to fast-track the sale, which has faced political and competitive challenges, with rival Paramount Skydance also vying for the acquisition.

Originally, Netflix's $82.7 billion proposal comprised cash and stock for Warner Bros' film and streaming divisions. Despite Paramount's $108.4 billion cash bid, Warner Bros has shown preference towards Netflix. Paramount has augmented its offer with $40 billion equity support from Oracle co-founder Larry Ellison, father of Paramount CEO David Ellison.

The competitive struggle encapsulates Hollywood's most significant takeover scenario, as the industry grapples with evolving distribution dynamics dominated by streaming services. The contention has invoked political scrutiny over media consolidation, with concerns about consumer impact leading to legal actions against Warner Bros by Paramount.