Netflix Response to Paramount’s New Attempt to Buy Warner

Netflix’s co-CEO, Ted Sarandos, commented on Paramount Skydance’s new attempt to acquire Warner Bros. Discovery after the streaming service reached an agreement with the studio. ‘Today’s decision was completely expected,’ he said at a conference in New York hosted by Wall Street UBS. ‘We closed the deal and we are extremely pleased with it. It is great for the shareholders, great for the consumers.’ Sarandos continued, ‘We believe it is a great way to create and protect jobs in the entertainment industry. We are very confident that we will be able to complete the deal. So, it’s all good.’ The Paramount reached out directly to WB shareholders — an act known as a hostile takeover — in order to offer ‘$18 billion more in cash than Netflix’ for all the company’s shares. Following the proposal’s announcement, Warner Bros. shares surged 7% throughout this Monday (08).