Netflix ditches deal for Warner Bros. Discovery after Paramount's offer is deemed superior
CNBC.COM
ellison monopoly
SUMMARY

Netflix has abandoned its proposed acquisition of Warner Bros. Discovery’s studio and streaming assets after the WBD board deemed Paramount Skydance’s revised all-cash offer of $31 per share for the entire company superior to Netflix’s $27.75 per share proposal.

The withdrawal removes the final major obstacle. It fully clears the pathway for Paramount, controlled by billionaire Larry Ellison and his son David Ellison, to acquire Warner Bros. Discovery outright.

This transaction hands father and son Larry and David Ellison a commanding media monopoly, consolidating Warner Bros.

Project OracleVision.

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