What Does the New Paramount and Warner Bros. Merger Mean For You?

"This transaction was always a 'nice to have' at the right price, not a 'must have' at any price. We believe we would have been strong stewards of Warner Bros.' iconic brands, and that our deal would have strengthened the entertainment industry. We will continue to do what we've done for more than 20 years as a public company: delight our members, profitably grow our business, and drive long-term shareholder value."

"Paramount's latest bid is a $111 billion package for all of Warner Bros. Discovery-including HBO, its streaming service, and its linear cable channels. Once our Board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders."

Netflix CEO Ted Sarandos terminated the company's acquisition attempt of Warner Bros. Discovery after Paramount Skydance presented a superior $111 billion offer. Sarandos characterized the deal as desirable at the right price but not essential at any cost, expressing confidence Netflix would have been effective stewards of Warner Bros.' brands including HBO and linear cable channels. Warner Bros. CEO David Zaslav accepted Paramount's bid, prioritizing shareholder value through the highest dollar amount. The merger represents a significant shift in entertainment industry consolidation, though industry observers question whether the Paramount-Warner Bros. combination benefits consumers more than the Netflix alternative would have.

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