Netflix co-CEO Ted Sarandos said Paramount’s hostile bid for Warner Bros. Discovery Channel was “completely expected,” but the executive said he remained “super confident” in the streaming giant’s plans to get the deal done.
“Today’s move was completely expected,” Sarandos told a conference in New York hosted by Wall Street bank UBS. “We’ve closed the deal and we’re very pleased with the deal. It’s great for shareholders and great for consumers. We think it’s a great way to create and protect entertainment industry jobs. We’re very confident that we can get this deal done. So we’re ready to go.”
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Sarandos began the planned 35-minute meeting with this comment, in response to a pointed question about Paramount News from UBS media analyst John Hodulik. “What do you think?” Hodulik asked, and the room erupted in laughter as the hot topic surfaced.
Netflix announced on Friday that it would acquire the studio and streaming division of Warner Bros. Discovery Channel for $82.7 billion, including debt. Paramount then made a hostile offer to acquire the entire company on Monday morning at $30 per share, higher than Netflix’s offer of $27.75 per share.
In a conference call with analysts on Monday to discuss the acquisition and in an interview with CNBC, Paramount CEO David Ellison was at pains to portray his acquisition as pro-consumer and pro-competitive. He believes that allowing Netflix and Warner Bros. to merge would be a negative outcome for streaming subscribers and the industry as a whole. He also believes that “cash is king” and that Paramount’s new acquisition – its sixth in the past 12 weeks – will be paid entirely in cash, saying this provides WBD shareholders with more financial and regulatory certainty.
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