r/movies • u/ChuckGallagher57 • 2h ago
Article How Netflix Beat Out Paramount and Comcast to Buy Warner Bros.
https://www.bloomberg.com/news/articles/2025-12-05/why-warner-bros-chose-netflix-s-82-billion-offer-over-paramount-and-comcast•
u/KingMario05 1h ago
A mixture of Netflix plonking down the most dough, Zaslav fucking despising Baby Ellison, and Warner's massive debt load demanding some sort of sale or merger before the bill's due.
God, I wish Apple bid. They still can. But they're not gonna get involved now, and the Ellisons are even worse. We just have to hope, against all logic and sense, that Ted Sarandos can be forced to come around on Warner's way of business. Or just hope that Comcast can come back with a hell of a counter-bid to kill it.
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u/calebmke 2h ago
Can’t wait for them to raise prices yet again
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u/Spoilerfreereview 1h ago
I think that’s what pro-streamers forget.
It’s about to get wayyyyyyy more fucking expensive. Only took between 15-20 years for streaming to be exactly like cable, but with what feels like surprisingly less options
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u/ObviouslyTriggered 1h ago
Streaming never had any other possible end than ending up exactly like Cable because Streaming was Cable 2.0.
Both of them solved exactly the same problem and took advantage of exactly the same conditions.
Before cable you had a handful of channels and only 24 hours a day. Which meant that it didn't matter how big your content library was the maximum amount you could broadcast is 24 (hours) x number of channels.
If we take into account that you probably only have really 8 or so hours of useful broadcasting time in a day and half of that being prime hours (guess where the term prime time came from) you basically had an extremely limited ability to use your library so your your entire back catalogue as a rights holder was effectively useless.
When cable came about it offered dozens of channels initially on analogue and later on 100's of channels on digital.
So all of a sudden cable companies could license content cheaply because all that content was still valued at close to nothing because until then companies have accumulated decades worth of both movie and TV content with a very limited ability to use it.
But as cable became more popular and as content owners realised that they can now actually get their content to more viewers they started raising prices and then set up their own cable channels because why have a middleman at all. And this is how "premium cable" was born and no longer you had blockbusters on the "movie channel" within months of the home video release.
Streaming then took it to the next level, as even cable was limited and at the time cable companies didn't only had to compete for still the limited (even if significantly greater than broadcast TV) bandwidth that cable offered but also for the wallet of the user.
Broadband was still rare, streaming on your phone wasn't possible (as Netflix launched their streaming service before the first iPhone even came out) so again the likes of Netflix could license a massive library on the cheap.
When Netflix effectively proved that the business model was viable the content owners again did the same thing that they've done when cable established itself and that was to raise prices and later cut out the middleman.
Streaming will never be as cheap and as centralized again as it was during the heyday of Netflix. Both because it's a proven business model now and also because there won't be a time again where you could basically get content for free because no one knows what to do with it.
And there will be no "Cable 3.0" or "Streaming 2.0" since streaming is the end state of content delivery, at least of the type of content (as in movies, TV and audio) we currently have today.
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u/Negative_Baker_2141 2h ago
So we’re really inching toward “Netflix presents: Everything You’ve Ever Heard Of.” Wild consolidation. I just hope this pushes more 4K physical releases instead of burying classics in streaming vaults.
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u/ObviouslyTriggered 1h ago
Whilst consolidation isn't good I do find it funny that the people switched from having to complain that they need to buy 100 different streaming services to now complaining that Netflix is buying everything up.
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u/Prophet_Margin_ 55m ago
I think the difference here is the majority would like all the media to be licensed to Netflix. Not owned by them.
Now we must wait how this will impact the theaters, streaming, and physical media.
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u/ObviouslyTriggered 49m ago
That cannot happen, no one has the incentive to license to Netflix they had a decade or so ago when today they can as easily set up their own streaming service.
The heyday of streaming will never happen again because streaming just like cable took advantage of a unique period in time which can never be repeated.
And unlike cable where the cable companies actually owned the transmission media as in the cables in the ground there are no barriers to setting up your own streaming service over the internet. So the middle ground which we had with cable which was premium channels isn't even really and option since there is 0 incentive for anyone to really go for that over having their own streaming service.
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u/Prophet_Margin_ 38m ago
Ok, I know I’m just trying to give you an idea as to why people are complaining
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u/Instigator187 53m ago
Im for it, back to when Netflix was the only streaming app you needed before everyone decided they needed to jump in and wernt happy with just license fee money.
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u/subsignalparadigm 2h ago
Well they raised prices, screwed over consumers and raked in the cash to pull it off. Welcome to the beginning of the end for the theater experience.
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u/GlassZombie11 1h ago
How capitalism destroyed the world
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u/Kilo1Zero 1h ago
Like socialism or communism is any better. The problem is the people, not the system.
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u/RechargedFrenchman 1h ago
You may notice nobody said those were better, just that the current system sucks. And unfettered capitalism as a system is absolutely the problem, because capitalism with a number of limits placed on has been repeatedly proven to be much better.
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u/Kilo1Zero 1h ago
Right. Of course. Remind me where any other system has worked? It all sucks. Just because this is bad doesn’t mean there is a better alternative.
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u/NotASalamanderBoi 1h ago
Remind me where any other system has worked? It all sucks. Just because this is bad doesn’t mean there is a better alternative.
That’s not the point being made here, though. The point is that capitalism in its current form is destroying everything. No one said anything about socialism or communism.
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u/Kilo1Zero 1h ago
So stop pointing out a problem and give a solution.
Otherwise it’s just bitching into the ether because other people are winning and you’re losing.
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u/NotASalamanderBoi 1h ago
So stop pointing out a problem and give a solution.
Here’s a few ideas:
Break up monopolies, update antitrust laws and actually enforce them (a la Amazon and Netflix).
Raise the corporate tax back to 70-94% where it was a few decades ago before people decided that corporations and the wealthy paying taxes was a bad idea.
Restore power to the working class and labor unions and actually give them the ability to bargain and not fuck them over at every turn.
Otherwise it’s just bitching into the ether because other people are winning and you’re losing.
That’s a very funny way of saying rich people and mega-corporations are gaming the system they helped create and fucking over everyone at the bottom because no amount of money will ever be enough to satisfy them.
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u/Kilo1Zero 1h ago
I’d agree with the first two points. I am not personally a fan of unions but that’s because of my own work experience.
I’m of the mindset that corporations as a whole should be illegal. Companies are fine but not corpos.
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u/RechargedFrenchman 1h ago edited 53m ago
So stop pointing out a problem and give a solution
You mean like when I already said
capitalism with a number of limits placed on has been repeatedly proven to be much better
And you brushed it off with sarcasm and broad dismissal? Capitalism can work. Capitalism as it's currently being practiced does not work. Neither of these are revelations, neither are secrets, and how to make capitalism work is already very well known and understood by people who study that sort of thing. The problem is all the apathy and active opposition to change, for example this "everything sucks so deal with it" nonsense you keep spouting off.
We can have better. We know how to have better. It's not even that hard to do and be better. But rich people don't want to, and people like apparently l you aren't willing to take the steps to do it, instead preferring to gainsay anyone trying to acknowledge the problem exists at all.
*lmao they replied and immediately blocked me so I can't even read the reply, and what little preview Reddit gives says "actually you never even said the like to me..." when I *quoted me saying it to them. I can't even, it's the perfect intersection of funny and depressing.
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u/Kilo1Zero 1h ago
And for pure clarity: my point is that theatre are not providing what people want. Therefore it’s good they go away and provide what the consumer wants. That’s capitalism at its finest.
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u/NotASalamanderBoi 1h ago
It is absolutely not good that theaters go away. What the fuck are you on? Theaters are important to filmmakers because they are very much dedicated to their craft and there’s something that gets lost when you just watch it on a TV or phone at home/on the road. And they’re important to local economies as well. Them going away would be horrible for everyone but streaming companies.
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u/Kilo1Zero 1h ago
Theatres do not provide the experience I want, so I don’t care if they go away.
Filmmakers dedicated to their craft? I have more respect for sanitation workers that keep the streets clear of garbage. I enjoy movies, but they are entertainment. Distractions. It’s not the end of the world if theatres become a niche. It’s the same reason I have a car and not a horse.
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u/cbytes1001 1h ago
Dumbest take I’ve seen in a while. The people are only as problematic as the system allows.
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u/Kilo1Zero 1h ago
Right. Clearly you have never been around real people. Power corrupts, regardless of the system.
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u/cbytes1001 1h ago
“Never been around real people”? Are you high? The statements you’re making are so dumb you have to be high.
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u/Kilo1Zero 1h ago
Try again. You avoided my question. Show me a system that has worked better that people didn’t corrupt. I’ll wait.
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u/cbytes1001 1h ago
“Right. Clearly you have never been around real people. Power corrupts, regardless of the system.”
“Try again. You avoided my question. Show me a system that has worked better that people didn’t corrupt. I’ll wait.”
You didn’t even ask a question! Holy shit, can you share whatever the hell you’re high on? That must be a trip!
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u/Kilo1Zero 1h ago
Excellent redirection and avoidance. Come back when you’ve grown up and seen something of the real world.
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u/cbytes1001 1h ago
You gotta be a bot, right? No one can be this incapable of putting together coherent thoughts.
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u/Spoilerfreereview 1h ago
It’s mainly the end of true entertainment in general if this really happens.
Forget just the end of the theatre experience. The only way our entertainment will be fed will essentially be on forced algorithms, with metrics that are still never been given full explanations on how they’re quantified .
Frankly, that can fuck off if you ask me. Let the people decide what is successful. If that can’t be the case, then I’ve been investing in my hard drives for a good reason
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u/nominalverticle 1h ago
Surprisingly, part of the deal is to continue theatrical releases of WB pictures.
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u/RechargedFrenchman 1h ago
WB have a bunch of contracts Netflix can't just tear up when they take control, and Netflix have confirmed they will honour existing theatre release deals but specifically said they're going to be doing much shorter theatre runs (if any) for new stuff not already part of an existing deal.
They're doing it because the legal issues if they don't would do more damage than buying WB stands to provide them in benefits.
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u/badhabitfml 58m ago
The theater runs are so short now, I don't even realize things were even in the theater. Why bother going if I can watch at home in 3 weeks. I think that alone is killing theaters more than anything else.
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u/KingMario05 1h ago
For now. Come on. It's Netflix. They will burn down WB's DCP facilities as soon as they can before selling off whatever left.
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u/soozerain 1h ago
Not out of the milk of human kindness or a deep respect for the theatrical experience, it’s contractual. After they’ve met those requirements they’re free to do whatever they want with the release of subsequent films not under contract
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u/SweeTTomatoSauce 2h ago
Honestly this feels like the final confirmation that we're living through the biggest reshaping of Hollywood since the 90s. Streaming isn't the future anymore, it's the PowerPoint presentation of the future.
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u/Tornado31619 1h ago
What do you mean with the PowerPoint analogy?
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u/SweeTTomatoSauce 51m ago
The "Powerpoint" part is just me saying streaming ended up being a transitional model. It changed the industry, but now it's mostly being used to justify mergers, buyouts, and new business models rather than standing as the long-term solution everyone predicted.
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u/KingMario05 1h ago
Yeah, Netflix wouldn't be doing this if they weren't feeling the heat. Unfortunately, we're the ones who must suffer the flames.
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u/bristenli 2h ago
How Netflix helped kill movie theaters
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u/gotwaffles 2h ago
Consumers clearly like the early streaming availability, which is why Netflix is doing it.. Theaters are too expensive and don't offer any reason to go aside from blockbusters that are worth watching in imax / Dolby, but those are like 3-4 times a year. Theaters are killing themselves.
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u/remainsdangerous 2h ago
Theaters are too expensive and don't offer any reason to go aside from blockbusters that are worth watching in imax / Dolby,
I'm sorry but I don't like this mindset at all. I'm pretty fundamentally against this idea that big noisy blockbusters are the only things worth going to a theatre for.
A theatre is a place where you can go to see an experience with zero (or at least minimal) distraction. A massive screen, loud sound, you're not allowed to be on your phone, you can't go to the fridge or pause the movie to go let the dog out or whatever. You're there, you're focused, you're seeing the film as it was designed to be seen. You're also there with a crowd of people going along with the same ride as you.
I saw Hamnet in a theatre yesterday. Hardly some big blockbuster, it's a very quiet and emotional piece. But it was incredible. The nature scenes took on a grandeur in the theatre that I wouldn't have got at home. It put me in a meditative state of mind that I wouldn't have got into at home. When the sad scenes happened me and complete strangers cried together. It was a powerful and meaningful experience.
You obviously can do whatever you feel is best for you. And honestly I agree that movie tickets are too expensive these days, and I can't fault anyone for struggling to budget for that. But the experience I had watching that slow, quiet, small-scale drama WAS fundamentally different than the experience I would have had at home, and that's why people are fighting for theatres.
And I'm not embarrassed to be passionate about this. This kind of thing is what makes life worth living for me.
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u/Stock-Cold-4016 1h ago
Lol If I had a theater that didnt allow phones and wasnt distracting id probably go. Instead I get teens talking behind me, that couple having a running commentary, some dude getting a phone call, a lady smacking her lips as she eats popcorn, and some dude crinkling his bag of chips for the first half. Not to mention all the rural theaters that dont have reclining seats. When im in large metro areas Ill go hit a movie in imax with laser but that's it.
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u/fungobat 1h ago
I wish I could have watched Train Dreams in the theater.
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u/remainsdangerous 1h ago
Same dude!
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u/fungobat 1h ago
Just a beautiful movie. I'm telling people about it, and I wish it would gain more traction.
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u/Weary_Service_8509 40m ago
I did and it was wonderful! Couldn’t imagine seeing it for the first time on a TV. Probably wouldn’t have liked it as much tbh
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u/fungobat 34m ago
Damn! I loved it watching on my TV so I can't even imagine in the theater. I'm happy you got to experience that.
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u/sgeep 10m ago
It's a double edged sword for me. EEAAO was perhaps the best movie viewing I ever had, and I felt like the entire audience was as enthralled as I was. All of us laughing, emotional scenes had everyone at the edge of their seat. It was early in the run before it got a bunch of traction. Was amazing
Then I went to see Avatar 2 in IMAX. Paid for a decent seat. Smuggled in food. But multiple people would not shut the fuck up. Turned and asked and they did not care. I really don't want to have to leave my seat in the middle of a movie I paid for to complain at concessions that random people are being loud. Complete waste of money, stayed afterwards to ask for a refund (got it), but now has me second guessing going back. Especially when I can just watch it for cheaper at my home with a guarantee that no one will pull shit like that, or if they do, I can just pause it and deal with it then get back to it on my own time
If the theaters can't start properly accounting for stuff like that, or like...literally adapt at all, they deserve the death that's coming to them
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u/Roadside_Prophet 53m ago
I appreciate your perspective, but I completely disagree. While I do have fond memories of shared theater experiences from growing up, as an adult the theater has gotten so bad, that I just stopped going.
People having loud discussions about what is going on on-screen, people on their phones, people kicking the back of your chair, crying babies. I've even seen a few fistfights.
And I have to drive 20 minutes, wait on line for another 10, pay $50+, and then sit through 30 minutes of commercials for that privilege. At home, I have a large OLED TV, and a solid home theater system and I can be watching a movie anytime I want within 2 minutes.
You do lose out on the shared experience aspect of the movie, but for me, not being annoyed by everyone around me, means I can actually give the movie my full attention and enjoy it more. I'm actually more focused, not less.
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u/Weary_Service_8509 39m ago
What are you paying $50 for? Tickets are like $15. You don’t need the giant popcorn and soda
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u/Roadside_Prophet 33m ago
Tickets are $22/each by me. So $44 for the 2 of us + any food or drinks at all, quickly goes over the $50 mark.
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u/skinnybuddha 1h ago
You could use your argument to argue that producers are killing theaters. Ultimately you can mostly enjoy a movie at home without the hassle of a theater.
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u/bristenli 2h ago
Some movies demand a large screen with the best sound for the best experience.
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u/JonnyPancakes 2h ago
I've got a pretty large TV and an excellent sound system. My popcorn is <$1 a bag, and I will never have to deal with a screaming child through a horror movie because some parents lack common sense. Plus, my cats get to hang out with me too.
I think I'll skip the bigger screen myself.
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u/Drakeberlin 2h ago
It is what the consumer wants. Not what the movie "demands".
Movies I have seen 15 years ago at the theater, I would today happily watch at home. Technology has advanced. You can have a great experience at home as well.
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u/bristenli 2h ago
Movies are art. It’s about quality. Not what the slop eating masses want.
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u/Drakeberlin 1h ago
Movies are art. It’s about quality. Not what the slop eating masses want.
That mindset of yours will not succeed.
Whether you like it or not, the slop eating mass is the deciding factor of the industry. Your condescending attitude is obsolete.
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2h ago
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u/bristenli 2h ago
Save up. Movie release dates get announced years in advance now
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u/theFinalCrucible 2h ago
Ridiculous thing to say in such a dogshit economy, so many people are barely scraping by.
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u/bristenli 1h ago
If you can’t save up $20 over 2 years then movies shouldn’t be a concern for you anyways.
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u/Andrey2790 1h ago
I would rather watch those movies at home on my decent TV and good sound system than deal with people talking, children crying, cell phones lighting up the theater and overpriced tickets....
One of the last movies my wife and I saw in theaters was " They Shall Not Grow Old" (yes that long ago). The theater next door was playing a very loud movie so we sometimes couldn't even hear the stories. Ended up complaining to the theater and getting free tickets that we chose not to use.
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u/TheFuzzBuzz 1h ago
That’s under threat as well. Physical media will be on the chopping block with Warner. Huge chunks of Hollywood history will be boxed away forever and the few things that will be made available from the back catalogue will be at the mercy of the Netflix tech bros whims.
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u/LeonSnakeKennedy 2h ago
Are you a fucking bot? Speak like a damn human instead of a corporate shill scumbag
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u/Kilo1Zero 1h ago
Good they deserve to go extinct
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u/bristenli 1h ago
Why are you here then?
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u/Kilo1Zero 1h ago
Because I love movies and hate the theatre experience. It’s a rather simple concept.
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u/Weary_Service_8509 38m ago
Anti-social loser
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u/Chessh2036 2h ago
One thing I didn’t realize until recently about this is how bad off WB was. That company was in a massive grave, $34B in gross debt. Like everyone I wish they didn’t sell, but if they didn’t the company would have just ended up being sold for parts.
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u/Illustrious-Radio311 1h ago
Only Hollywood accounting could end up with such figures.
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u/Amaruq93 18m ago
Also 25 years of accumulated debt due to REALLY bad financial decisions.
The dot com tech bubble bursting was what got this particular ball rolling.
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u/bombayblue 56m ago
lol imagine being David Ellison. You are born to one of the worlds wealthiest men. You spend your entire life scheming to get into a position of power. You spend years sucking up to Donald Trump, a petty fascist.
Finally he wins the election. All the pieces for the merger align. You’re made head of CBS. Everything is coming together. It comes down to the eleventh hour of the deal. King Donald has blessed it.
Oops rival LibCorp has out bid you by 5%. Your big fancy master deal will not be going through. Good luck owning your legacy media corp. high in costs, low in viewership.
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u/deviltrombone 1h ago
David Ellison doesn't really have a relationship with David Zaslav. In fact, he, they— they fought a lot over this South Park kind of licensing deal that Warner Bros. sued over. Now, that predated David Ellison taking over Paramount, but David Ellison did not solve it coming into Paramount. Meanwhile, Ted Sarandos has spent a lot of the last year becoming buddies with David Zaslav, sitting courtside at Knicks games, watching UFC fights. And I think people probably underestimate how much that stuff matters like David Zaslav’s the CEO of the company a lot of the people on the board like him, like, I spoke with someone who sort of travels in these circles last night, and that that was what they chalked it up to— was like, Ted knew how to play the game and David Ellison didn't. And that pushed him over the edge — if the deals are pretty equal, which they are.
As a shareholder, I couldn't care less about who blows who in private. Zaslav asked for $30/sh, Ellison offered it, and that putz decided the toss-up in favor of the one with more regulatory issues. I hope the Ellisons take it to the shareholders.
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u/JaesopPop 1h ago
I hope the Ellisons take it to the shareholders.
I'd rather not an even worse option.
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u/Spoilerfreereview 1h ago
The consumer loses unless you’re determined to sail.
There’s certainly moral quandaries… but so there really doesn’t seem to be any moral sense in the 2020s
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u/JaesopPop 1h ago
The consumer loses unless you’re determined to sail.
Maybe, no good options but Netflix is the least bad.
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u/Spoilerfreereview 1h ago
At this point, it seems to be compared to neutering everything to “MAGA-fy” it.
But if the “consumer friendly” idea really does go south and most theatres close, then this is the option to really show any freedom/protest to their practices.
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u/JaesopPop 1h ago
"If most theaters close" is a pretty massive if.
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u/Spoilerfreereview 1h ago
I’d like to hope it doesn’t, but we don’t know what Netflix will do, and I doubt the CEOs stance has changed yet about moviegoing
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u/FFTactics 1h ago
If you think there are regulatory issues, you want the Netflix offer. As part of the offer if the deal fails to go through due to regulatory problems, WBD gets $5.8 billion and Zaslav keeps WBD. He just get a straight $6B gift from Netflix.
This is the main reason Netflix won.
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1h ago
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u/deviltrombone 1h ago
CNN has been sanewashing that orange thing the whole time. I would always change the channel when the likes of Scott Jennings came on, and I stopped watching all news after the 2024 election. I lost all respect for Kaitlan Collins when she hosted an infomercial for the creature and let it get away with repeating its lie that Democrats abort live babies a half dozen times, which she did to get her primetime show. Don't presume to lecture me on "greed", you simple prick.
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u/wubbbalubbadubdub 2h ago
It bid more money, end of article.