Feb. 26, 2026 "Netflix backs away from offer to buy Warner Bros. after Paramount submits revised bid": Today I found this article on CBC:
Netflix shares jumped more than nine per cent premarket on Friday as investors cheered its decision to exit the fight for Warner Bros Discovery,
while Paramount rose about 10 per cent on winning the race for some of the world's most prized TV and film assets.
Netflix on Thursday signalled it was backing away from its offer to buy Warner Bros. Discovery's streaming and studio assets, saying the deal was no longer financially attractive after Paramount Skydance revised its offer for the coveted Hollywood studio to a $31-a-share offer.
"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid," Netflix said in a statement.
Warner Bros. Discovery said earlier in the day that Paramount's revised $31-a-share offer was superior to its existing deal with Netflix.
Netflix had earlier this month granted Warner Bros. a seven-day waiver to seek a "best and final offer" from Paramount for the company.
Netflix, which was looking to buy Warner Bros.' streaming and studio assets, agreed in December to a deal valued at $27.75 per share. The company had said its offer, along with a planned divestiture of Warner Bros.' cable assets, would deliver a greater shareholder value.
In its revised bid, Paramount raised the termination fee it would pay should the deal fail to gain regulatory approval to $7 billion US from $5.8 billion US.
Paramount said it welcomed the Warner Bros. board's unanimous reaffirmation that its bid represents the stronger offer.
Federal government, California to review merger
The Ellison Trust is committing $45.7 billion US in equity, up from $43.6 billion US previously, backed by Larry Ellison and including any additional funds needed to satisfy Paramount's bank solvency requirements, the firm said.
Bank of America Merrill Lynch, Citi and Apollo are providing $57.5 billion US in debt financing, increased from an earlier $54 billion US commitment.
Paramount CEO David Ellison is the son of Larry Ellison, co-founder, executive chairman and chief technology of Oracle. The bid will face antitrust scrutiny in Washington, though the Ellisons have ties to President Donald Trump, who has spoken favourably about the merger.
California's Attorney General Rob Bonta could attempt to challenge the deal.
"These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review," he said in a statement.
TD Cowen analysts said in a note that in addition to Bonta, "we think there is potential for European regulators to have a say as well."
Some Democratic senators question deal
Paramount's merger with Warner Bros would unite
two major Hollywood studios,
two streaming platforms (HBO Max and Paramount+)
and two news operations (CNN and CBS).
Ellison's Oracle also now has a 15 per cent stake in TikTok, after the popular shot video app's Chinese owner, ByteDance, finalized a deal to set up a majority American-owned joint venture company to avoid a U.S. ban.
Netflix made its announcement after CEO Ted Sarandos visited the White House earlier in the day, though he didn't see Trump, according to CNN and CNBC reports. The president was angered by political comments made recently by Netflix board member Susan Rice and demanded the streamer fire the former Obama administration official.
"This is a business deal, it's not a political deal," Sarandos said in comments to BBC on Monday about Trump's demand.
Democratic Senators Elizabeth Warren, Bernie Sanders and Richard Blumenthal have worried approval of the deal could be tainted by political favouritism.
"What did Trump officials tell the Netflix CEO today at the White House?" Warren, of Massachusetts, said on X.
"Looks like crony capitalism with the president corrupting the merger process in favour of the billionaire Ellison family."
https://www.cbc.ca/news/business/netflix-backs-away-warner-bros-9.7107622
Mar. 6, 2026 "HBO's future on Crave uncertain as Paramount Skydance acquires Warner Bros. Discovery in merger": Today I found this article by Nick Logan on CBC:
Canadians looking forward to HBO's highly-anticipated TV and streaming adaptation of Harry Potter, set to premiere early next year, will watch it on Crave in Canada.
But it's unclear how much longer the Bell Media-owned streamer will hold exclusive rights to HBO programming,
including Harry Potter and series such as The White Lotus, as well as the forthcoming final seasons of The Last of Us and House of the Dragon.
Paramount Skydance is set to acquire Warner Bros. Discovery
— which owns HBO and its streaming service, HBO Max
— in a takeover worth $110 billion US (about $150 billion Cdn),
pending federal approval that is expected to happen by the end of the year.
It's not clear what that means for Warner Bros. Discovery's existing deals with Canadian broadcasters and streamers, including Crave,
or whether Canadian viewers will have to subscribe to another service to watch their favourite shows.
The deal could also have broader implications for streaming in Canada.
Paramount's subscription service, Paramount+, is already available in Canada,
along with its free ad-supported TV (FAST) service, Pluto TV.
Paramount Skydance CEO David Ellison has indicated he wants to bring those platforms and HBO Max together into a single streaming service.
"We think that really positions us to compete with the leaders in the space," Ellison said on a recent investor call, according to The Guardian.
What will happen to the shows you Crave?
Crave has streamed HBO and HBO Max programming since it signed a licensing deal with the company's former parent, then AT&T-owned Warner Media, in 2019.
A new deal was struck in 2023 — a year after Discovery bought Warner Media to form Warner Bros. Discovery — and it was renewed and expanded in 2024.
Bell Media is trying to allay concerns that the deal could change any time soon.
"Crave remains home of HBO and HBO Max programming in Canada for many years to come through a long-term deal with Warner Bros. Discovery," Bell Media spokesperson Nicolle Stranges said in an email to CBC News on Thursday.
It's not clear when the current agreement expires.
In statements to Broadcast Dialogue and The Hollywood Reporter earlier this week, Bell Media said its deal with Warner Bros. Discovery would see HBO and HBO Max programming on Crave "for the foreseeable future."
Even if Paramount+ begins offering HBO content in Canada, it may not disappear entirely from Crave.
In the U.S., for example, some HBO library titles — such as Sex and the City and Six Feet Under — have also streamed on other platforms, including Netflix.
Could the deal affect other Canadian streamers?
If Ellison follows through with putting Pluto TV under one big platform with Paramount+ and HBO Max,
it's not clear what that would mean for the free streamer's Canadian distributor — Corus Entertainment, the parent company of Global TV.
Corus did not respond to questions before CBC News's deadline.
Rogers Sports & Media struck a deal with Warner Bros. Discovery in 2024 to become the Canadian distributor for brands including HGTV, Food Network and Discovery.
In addition to broadcasting those channels to cable subscribers, Rogers offers on-demand programming from those networks through its Citytv+ streaming service.
"We're proud to continue offering these beloved brands —
Discovery,
Food Network,
HGTV,
Magnolia Network,
and Investigation Discovery (ID)
— and this great content to Canadian audiences," a company spokesperson said in an email to CBC News on Thursday.
https://www.cbc.ca/news/entertainment/crave-hbo-warner-bros-paramount-deal-9.7115968
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