Netflix, Paramount battle for Warner Bros. intensifies
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President Donald Trump inserted himself directly into the battle for control of Warner Bros. Discovery on Wednesday, saying, “It’s imperative that CNN be sold,” while deriding the network’s news coverage.
The president's comments are notable because the proposed deal with Netflix wouldn't include cable channels owned by Warner Bros. Discovery, such as CNN and TNT.
President Donald Trump signaled he’ll oppose a Warner Bros. Discovery Inc. deal that doesn’t include new ownership of CNN, a potential wrinkle for the bid from Netflix Inc.
Paramount launched a hostile bid for Warner Bros. Discovery this week, just days after Netflix struck a deal to acquire the legacy media company. The rival multi-billion dollar efforts to purchase streaming platform HBO Max and movie studio Warner Bros.
Netflix is preparing for a lengthy legal review of its bid to buy Warner Bros., and President Trump is keeping his options open.
Speaking with reporters, President Donald Trump insisted CNN should be included in any sale of Warner Bros. as Netflix and Paramount ramp up their bidding war.
If the deal goes through with intervention from the US Government, it would give Netflix access to the vast library of Warner Bros. Discovery content, including the Harry Potter and DC Comics franchises. HBO Max and all of the HBO shows are included in the package.
Netflix’s most recent offer, submitted on Thursday, valued the Warner Bros. studio, HBO Max streaming service and related parts of the company at around $28 per share, sources said.