Warner Bros. Discovery rejects Paramount's $108 billion bid
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Warner Bros. Discovery (WBD) is at the center of a high-stakes takeover battle, with both Netflix (NFLX) and Paramount Skydance (PSKY) vying for the media giant. As the bidding plays out, attention is increasingly turning to WBD’s shareholders,
The news broke on Friday morning that Netflix had agreed to buy Warner Bros. Discovery in a move that will cost a reported $72 billion. There had been rumbles about the potential deal for weeks, and now this sets up for a battle of media giants to compete against Paramount, Walt Disney and more.
In the third quarter, Netflix generated revenue that climbed 17% year over year to $11.5 billion, driving its adjusted earnings per share (EPS) up 27% to $6.87. Management expects its growth streak to continue. Netflix is guiding for fourth-quarter revenue of $11.96 billion, resulting in EPS of $5.45, an increase of 28%.
Netflix announced an $82.7 billion purchase of Warner Bros Discovery last week. The news sent the streaming giant's share price tumbling. In just five trading d