Warner Brothers, an entertainment company, has decided to sell due to substantial debt incurred from their merger with Disney. Warner Brothers initially signed a deal to sell its company to Netflix on Dec. 5 for approximately 82.7 billion; however, Paramount later contested this ownership with a bid of 108 billion on Dec. 8, resulting in a pickle between the two companies.
Ted Sarandos, Netflix’s CEO, revealed how he felt about acquiring Warner Brothers in a recent press conference after Paramount’s bid of 25 billion more than Netflix.
“Today’s move was entirely expected,” Sarandos said. “We have a done deal, and we are incredibly happy with the deal.”
Paramount’s Co-CEO David Ellison deemed the Netflix deal in a press conference as “inferior” and has let everyone know why their offer is superior to Netflix’s, creating tension between the companies.
“We are offering shareholders 17.6 billion more cash than the deal they currently have signed up with Netflix,” Ellison said. “We believe when they see what it is currently in our offer that that’s what they’ll vote for.”
