Paramount Snags WBD in $110B Megadeal After Netflix Walks
Paramount acquires WBD at $31 per share in cash, valuing the company at $110B after Netflix abandoned its own bid.
Paramount is buying WBD in a blockbuster deal worth $110 billion in enterprise value. The acquisition price: $31 per share, all cash.
The deal comes after Netflix pulled out of its own $87.2 billion offer on Thursday. That exit wasn't cheap for Paramount either — the company shelled out a $2.8 billion breakup fee to Netflix for walking away from the previous arrangement.
Paramount and WBD formally announced the new deal on Friday, wasting no time after Netflix officially bowed out.
The numbers here are staggering. A $110B enterprise value. A nearly $3B breakup fee that's essentially a consolation prize for Netflix. And a media landscape that just got dramatically reshuffled.
This is one of the largest media consolidation deals in recent memory, reshaping the competitive dynamics of the streaming and entertainment industry overnight.