Shareholders of the media giant Warner Bros. Discovery have the takeover agreed by Hollywood rival Paramount. The deal, worth around $110 billion, clears an important hurdle. However, approval from regulatory authorities is still pending. According to a preliminary count, the transaction was approved with an “overwhelming” majority, the Warner Group said.
Netflix originally wanted to buy Warner’s studio and streaming business. However, Paramount stung the streaming market leader with a higher offer for the entire company, including the television channels, among other things CNN out of.
Paramount, which was taken over by the family of tech billionaire Larry Ellison last year, improved its bid for Warner Bros. Discovery from $30 to $31 per share. The Warner Board of Directors then decided that the offer would be the same as the previously accepted offer from Netflix be superior. Netflix didn’t want to add more.
Paramount is owned by Larry Ellison’s son, the film producer David Ellison. He wants to gain weight in Hollywood by taking over Warner Bros. Discovery. Warner includes, among other things, the DC superhero universe with Superman and Batman, film series such as Harry Potter as well as a strong streaming business based on the pay channel HBO.
The bidding war also involves the news channel CNN
The bidding war also involves the fate of the news channel CNNwhich often reports critically on US President Donald Trump. Trump said in December that it was important to ensure that CNN would definitely change hands in a deal.
Trump critics in the US fear that CNN could lose editorial independence under the Paramount umbrella. The concern is not unfounded: Since the Ellisons took over, the newsroom at the Paramount broadcaster CBS has adopted a friendly tone towards the Trump administration.