UK competition watchdog invites comments on Warner Bros Paramount deal
The UK Competition & Markets Authority on Monday invited comments on the acquisition of Warner Bros Discovery Inc by Paramount Skydance Corp.
The blockbuster deal was agreed in February, after months of jostling between Paramount and rival bidder Netflix Inc.
Netflix had agreed in December to acquire WBD’s studio and streaming assets in a deal valuing New WBD at $82.7 billion, or $27.75 per share.
Paramount continued to make advances, however, eventually offering to buy the entire WBD group for $31.00 in cash per share, plus a daily ticking fee of $0.25 per quarter, starting from October. The deal gives WBD an enterprise value of about $111 billion.
After being given four business days to match the revised proposal, Netflix declined.
The transaction is expected to close in the third quarter of this year. In the event that it does not on account of regulatory matters, a $7 billion termination fee will be payable by Paramount.
On Monday, the UK competition watchdog said: ‘The CMA is issuing this ’invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK.’
The regulator has not yet launched a formal investigation into the deal.
It will be open to comments until April 27.
Warner Bros Discovery shares were traded marginally lower at $27.43 pre-market on Monday in New York. Paramount fell 1.6% to $10.62 while Netflix rose 0.3% to $103.38
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