In a plot twist, Paramount made a hostile takeover bid for Warner Bros. Discovery this morning just days after the company agreed to sell major assets to Netflix. The company bypassed Warner Bros. Discovery’s board and went straight to shareholders, arguing Netflix’s offer is inferior.
Paramount is offering $30 per share in cash, valuing Warner Bros. Discovery at roughly $108 billion, and says its proposal would face fewer regulatory hurdles. Paramount’s offer doesn’t just include the studio and streaming business; but also cable networks like CNN.
The bid sets up a showdown between two entertainment giants, with shareholders now holding the power to decide which future Hollywood gets.
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Hundreds of Business Groups Just Sent Congress an Urgent Warning About Franchising
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A powerful coalition of business groups sent a letter to Congress urging passage of the American Franchise Act.
The signatories include the American Hotel & Lodging Association, the International Franchise Association, Dunkin’ Donuts franchise owners and restaurant and hospitality groups from nearly every state. They argue that rapid changes to the joint employer standard have triggered costly litigation, job losses and major uncertainty for small business owners.
The bill would define franchisors and franchisees as independent employers, a move supporters say is crucial to protecting a $900 billion sector employing more than eight million Americans.
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