Ted Sarandos: Netflix ‘knew right away’ it would drop WBD deal after Paramount increased bid
"We knew right away, when we got the notice on Thursday, that they had a superior offer and the details of that deal."
"We knew right away, when we got the notice on Thursday, that they had a superior offer and the details of that deal."
Netflix now has four business days to submit a better offer.
"We feel pretty confident we're going to be in business with the NFL for a long time."
The WBD board must now decide if Paramount's new offer is superior to Netflix's.
Netflix will have four days to match a sweetened offer.
Sarandos said it's time for Paramount to "put their money where their mouth is."
Paramount will have to put up or shut up within the next seven days.
The fee would see Paramount pay WBD shareholders approximately $650 million for every quarter its deal hasn't closed.
Nearly five million viewers tuned into UFC 324 on Saturday.
A massive number.
The move "simplifies the transaction structure, provides greater certainty of value for WBD stockholders, and accelerates the path to a WBD stockholder vote," Netflix claims.
Paramount soccer host Kate Scott will also lead the media giant's UFC coverage starting this January with UFC 324.
The move would seemingly be a response to Paramount's pressure campaign.
The company is also staging a proxy fight for board seats.
The future of TNT Sports hinges on what happens in the battle for Warner Bros. Discovery.
Several WBD shareholder expect Paramount to come back with an even higher offer.
New York-based hedge fund Standard General has been in discussions with WBD.
"PSKY has signed above-market, multi-year programming and sports licensing deals"
We will now wait and see if Paramount comes forth with a better offer.
With Netflix and Paramount fighting over acquiring Warner Bros. Discovery, David Zaslav stands to benefit the most.
"I like a world in which we could potentially live on HBO."
The letter expresses "serious concerns about the fairness and adequacy of the bidding process," with the undertone being that Paramount could take its offer directly to shareholders.
Netflix has also reportedly submitted a "mostly cash" bid.
The company is looking to make a decision about a potential sale by Christmas.
The company will now have rights for the competition in the United States and several major European markets beginning in 2027.
The future of TNT Sports is up in the air.
WBD is looking to conclude its sale exploration by year's end.
They are the second company, along with Paramount, to formally explore a bid.
The new league will begin in January 2026.
"The partnership with Paramount has already been incredible and it just keeps getting bigger and better."