Paramount launches hostile takeover bid for Warner Bros. Discovery after Netflix deal

Paramount has gone straight to Warner Bros. Discovery’s shareholders with an all-cash offer in an extraordinary endeavor to gain control of Hollywood’s most sought-after prize – a bid that Netflix beat on Friday. Paramount was widely expected to be the frontrunner for Warner Bros., but WBD opted instead for Netflix, which it said offered a more lucrative deal. Paramount offered $30 per share in an all-cash deal for the entire company, while Netflix offered $27.75 for Warner Bros. and HBO — $23.25 per share in cash and $4.50 in stock. Warner Bros. Discovery is the parent company of CNN. CNN chief media analyst Brian Stelter reports, and Dana Bash speaks with Puck founding partner William Cohan. #CNN #News