Hollywood
Universal dates The Mummy reboot for April 2016
MUMBAI: Nearing the end of its best year ever at the domestic box office, Universal announced a slew of release dates today. The recently shaken-up studio has set its reboot of The Mummy for 22 April 2016, and Seventh Son, the Jeff Bridges-Julianne Moore fantasy that Legendary picked up from Warner Bros in August, will bow 6 February 2015, a week before the arrival of Universal’s Fifty Shades Of Grey.
Legendary‘s untitled Michael Mann cyber thriller for 16 January 2015 and Blumhouse’s Jennifer Lopez thriller The Boy Next Door hits theaters on 23 January 2015. The studio also is pushing its video game adaptation Warcraft – the first film that had been dated under the new Universal -Legendary partnership – from 18 December 2015 to March 2016.
Hollywood
Warner Bros board reopens talks after Paramount raises bid to $31 a share
Netflix has four days to revise $27.75-a-share proposal
NEW YORK: The board of Warner Bros Discovery has reopened talks with Paramount Skydance after the rival bidder raised its cash offer to $31 a share, intensifying a takeover contest for one of Hollywood’s most prized studios, Reuters reported.
Paramount’s revised proposal has pulled Warner Bros’ directors back to the negotiating table, even as Netflix risks losing its status as the preferred suitor. The board said it had not yet concluded whether Paramount’s offer was superior to the Netflix deal, but confirmed it would engage further with both sides. Should a higher bid emerge, Netflix has four business days to respond.
In a bid to strengthen its hand, Paramount increased the termination fee payable if regulators block the deal to $7 billion, up from $5.8 billion. It also agreed to pay Warner shareholders 25 cents a share per quarter for every quarter beyond 30 September that the transaction fails to close. Paramount further offered to inject additional equity should lenders raise concerns about financing at completion.
Paramount’s $31-a-share bid is an all-cash offer for the entire company. Netflix, by contrast, has proposed $27.75 a share in cash, valuing the deal at $82.7 billion including net debt, for Warner’s film and television studios, content library and the HBO Max streaming platform.
The comparison is muddied by structure. Warner plans to spin off its television networks into a separately listed company, Discovery Global. The ultimate value of Netflix’s offer therefore depends on the spun-off unit’s debt load and market valuation. The board estimates Discovery Global could trade between $1.33 and $6.86 a share, potentially lifting overall shareholder returns above Paramount’s earlier $30-a-share proposal.
Either outcome would reshape Hollywood’s balance of power, handing the winner a deep content vault and enduring franchises including Game of Thrones and DC Comics. Netflix has ample cash to raise its offer, while Paramount argues it faces fewer regulatory hurdles in the United States. It has also signalled readiness to mount a board challenge at Warner’s annual meeting if its proposal is rejected.
That pressure is building. One potential director nominee floated by Paramount is Pentwater Capital Management chief executive Matthew Halbower, one of Warner’s largest shareholders. Separately, activist investor Ancora Holdingshas accused the board of insufficient engagement with Paramount.
Warner is due to report quarterly results this week, which may shed more light on the value of its cable television assets. Paramount reports earnings on Wednesday. A shareholder vote on the Netflix deal is scheduled for 20 March.
