AEW Faces More Uncertainty As Paramount Tries To Derail Netflix WBD Purchase

Paramount is working to derail Netflix's purchase of WBD with a hostile takeover of the company.

Paramount announced on Monday morning that it wanted to purchase WBD for $102 million at $30 a share. Last week, Netflix announced that it was acquiring the company for $72 billion. That deal would only include the WBD studio and the HBO Max streaming service.

The Netflix deal does not include the WBD television properties, but the Paramount offer reportedly does. And Paramount released an official statement on the takeover Monday morning:

“Paramount’s strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.”
Paramount Statement on WBD takeover

In the same statement, Paramount outlined the key differences in its offer that make it more compelling. Those differences include:

The price - Paramount is offering to buy WBD for more money. Plus, it's an all-cash offer that is an estimated 139% premium on the company's current stock price.

The Paramount proposal is for the entire WBD company. Netflix is only looking to acquire certain pieces.

Paramount argues that the timeline for completion will be expedited for stockholders if WBD chooses them

Paramount argues that their offer is better than the one for Netflix

Netflix to acquire Warner Bros. | IMAGO / SOPA Images

Paramount argues that WBD did not engage fairly with them in negotiations, revealing that they submitted six different proposals to buy the company, but did not get meaningful feedback back. As a result, they took their offer directly to WBD shareholders.

The future of AEW programming remains unclear, though the company has a deal with WBD for multiple years. AEW has been a television partner with WBD since the company's inception in 2019. The company aired Dynamite on TNT to start their relationship, but then that show was moved to TBS. The second AEW television product, Collision, now airs on TNT once a week.

During a media scrum last week ahead of ROH Final Battle, Tony Khan addressed the Netflix news by saying his company has great relationships with all of their partners. “We have a great partnership with Warner Bros. Discovery, and it will continue for many, many years to come,” Khan said. “We have years left on our remaining agreement with TBS and HBO Max.”

The interesting nugget of Netflix potentially buying WBD is that they currently air all WWE PLE's internationally and is the home for WWE's weekly Raw television product.

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