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Bid war for Warner Bros: when more money is not the better deal | Commercial Awareness Compass #57
Warner Bros has agreed a binding merger deal with Netflix for its film and streaming business, offering a deal worth $72bn. Shortly after, Paramount returned with a higher bid to acquire the entire Warner Bros group at over $108bn. On paper, the numbers look compelling. In practice, the deal structure, funding, and risk profile tell a very different story.
So far, the Warner Bros board has rejected Paramount’s, pointing to debt heavy financing, execution risk, and the high cost of walking away from an existing binding agreement with Netflix. This is not just about price. It is about…
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