Ted Sarandos and Greg Peters Tour Warner Bros. Lot with David Zaslav
On the same day that Warner Bros. Discovery (WBD) officially rejected a hostile bid from Paramount Skydance, significant movement was seen in the media landscape. David Zaslav, CEO of WBD, welcomed Netflix’s co-CEOs, Ted Sarandos and Greg Peters, to the iconic Warner Bros. Studio lot in Burbank. This visit highlights Netflix’s keen interest in acquiring WBD’s streaming division.
Ted Sarandos and Greg Peters at Warner Bros. Studio Lot
During their visit, Zaslav, Sarandos, and Peters were photographed in front of notable landmarks, such as the Warner Bros. Water Tower. Although no detailed agenda was disclosed, the purpose was likely to discuss leadership and strategies concerning the anticipated acquisition of Warner Bros. by Netflix. Previously, on December 5, Netflix’s bid for WBD’s streaming and studios division, valued at $82.7 billion, received acceptance from WBD.
Implications of the Paramount Rejection
- WBD rejected Paramount’s $30 per share offer on the same day.
- The board described Paramount’s offer as “inferior” compared to Netflix’s proposal.
- WBD cited “numerous significant risks and costs” associated with the Paramount bid.
Samuel A. Di Piazza, Jr., chair of the WBD board, stated that Paramount’s proposal was inadequate. He expressed confidence that the merger with Netflix would yield superior value for shareholders, addressing concerns previously communicated to Paramount through multiple proposals.
Commitment to Theatrical Releases
During a recent Paris event hosted by Canal+ Group, Sarandos reaffirmed Netflix’s commitment to maintaining traditional theatrical release windows post-acquisition. He emphasized the desire to ensure that Warner Bros. films continue to be showcased in theaters.
As Netflix engages with Hollywood, the visit by Sarandos and Peters aims to alleviate concerns about the future direction of Warner’s theatrical business. The collaboration is expected to bring about significant changes in the entertainment landscape as discussions progress.
