During a meeting with employees, Campbell explained that Netflix had the right to match Paramount's Skydance offer, but ultimately chose not to do so.
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Paramount Skydance will acquire Warner Bros. Discovery. The media market has concerns
The contract included payment $31 per share, an additional 25 cents for each quarter of delay in closing the transaction from the end of September, Paramount's coverage of the cost of canceling a possible contract with Netflix ($2.8 billion) and a guarantee of payment of USD 7 billion if the transaction is blocked by regulatory authorities.
The funds for the takeover are to come from, among others, from Larry Ellison, owner of Oracle and father of Paramount CEO David Ellison, as well as funds from Saudi Arabia and the United Arab Emirates.
The transaction includes, among others: WBD television channels, including CNN and Polish TVN. The takeover comes after many months of competition with Netflix, which finally decided that the offer was not financially advantageous and did not require the company to acquire WBD.
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The merger raises concerns among CNN and CBS News employees possible mass layoffs and channel mergers. Paramount management suggested the possibility of integrating the structures of both stations, which caused concern among journalists and staff.
Since Ellison's companies – Skydance and Oracle – took control of Paramount and CBS, the consortium also took part of the shares in the American TikTok. According to Variety, Paramount Skydance expects to quickly obtain regulatory approval in the European Unionwhere their market share is relatively small.
