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Posted in: Movies, Netflix, TV | Tagged: netflix, paramount, warner bros discovery
Senate Sets WBD Hearing for Feb. 3rd; Netflix CEO Sarandos to Testify
Netflix co-CEO Ted Sarandos will answer questions about the WBD deal during a Senate Judiciary antitrust subcommittee hearing on Feb. 3rd.
Article Summary
- Netflix co-CEO Ted Sarandos to testify before Senate Judiciary on Warner Bros. Discovery merger Feb. 3rd.
- Netflix and Warner Bros. Discovery revised their $82.7B deal to an all-cash agreement, ending stock options.
- Paramount Skydance, led by David Ellison, is ramping up efforts to block the Netflix/WBD merger in court.
- Warner Bros. Discovery claims over 93% of shareholders have rejected Paramount’s rival offer as inferior.
While David Ellison's Paramount Skydance continues its efforts to scuttle the agreement between Warner Bros. Discovery and Netflix, the U.S. Government is set to start weighing in beginning next month. Senate Judiciary antitrust subcommittee chairman Sen. Mike Lee's (R-UT) spokesperson confirmed that Netflix co-CEO Ted Sarandos is scheduled to testify before the Senate committee on Tuesday, February 3rd, and answer questions from both sides of the aisle on a range of topics. While Lee leads to committee, Sen. Cory Booker (D-NJ) serves as its ranking member.
Earlier this month, Netflix and Warner Bros. Discovery announced that the streamer has adjusted its agreement for Warner Bros. Discovery's studios and streaming service to an all-cash deal. Though the offer is still set at $82.7 billion ($27.75 per share), the $4.50-per-share Netflix stock component was removed, with the amended deal now tied directly to the successful spinoff of Discovery Global (CNN, TNT, Food Network, and other cable networks) and additional approvals.
The news came as Ellison's Paramount Skydance continued its efforts to block the Netflix/Warner Bros. Discovery deal and take its hostile offer directly to shareholders. Previously, Paramount Skydance filed a court action to force Warner Bros. Discovery to reveal the source of funding for Netflix's offer, a move that would lead to Netflix's all-cash shift. In addition, Ellison's company announced that it would back a slate of directors to challenge the WBD board at WBD's next shareholders' meeting. That led to two big updates heading into this past weekend:
Paramount Skydance Extends Hostile Bid Deadline for Warner Bros. Discovery Shareholders: Originally set for this past Wednesday, Paramount Skydance filed an extension with the SEC to February 20th. The move comes as Ellison and reps from Paramount Global continue to speak with investors, as well as reps from the global theater industry, over the past several weeks.
Warner Bros. Discovery: "93%" of Shareholders Rejected Paramount Skydance's "Inferior Scheme": In a statement responding to Paramount Skydance extending the deadline, WBD is claiming that the vast majority of its shareholders have passed on what Ellison is selling. "Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix. It's also clear our shareholders agree, with more than 93% also rejecting Paramount's inferior scheme. We are confident in our ability to achieve regulatory approval for the Netflix merger and look forward to delivering the tremendous and certain value our agreement will provide to Warner Bros. Discovery shareholders," read the statement.
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