Film Production
WBD says 93 per cent of shareholders reject Paramount’s bid in favour of Netflix deal
Washington: Warner Bros. Discovery has slammed Paramount Skydance’s latest $30/share takeover bid, claiming over 93 per cent of its shareholders have rejected what it called an “inferior scheme” in favour of the $83 billion Netflix deal.
Paramount, backed by David Ellison, his father Larry Ellison and partners including RedBird Capital and Middle Eastern sovereign wealth funds, last week extended its cash offer for WBD shareholders until 20 February. The media company is also pushing to win support at a special shareholder meeting expected in April.
WBD’s board has turned down Paramount’s advances eight times, insisting the Netflix merger is superior. “Our shareholders agree, with more than 93 per cent rejecting Paramount’s inferior scheme. We remain confident of regulatory approval and the tremendous value our deal with Netflix will deliver,” the company said.
Netflix sweetened its deal on 20 January, switching to an all-cash $27.75/share offer to quash Paramount’s argument that its bid was superior because it was cash-only. The WBD-Network deal is set to close 12-18 months after the original 4 December 2025 agreement, pending regulatory clearance and shareholder approval, following WBD’s planned spin-off of Discovery Global, including CNN, TNT, TBS, HGTV and Discovery+.
Paramount has sued WBD board members to force disclosure of financial details for Discovery Global, claiming shares would be worthless. WBD countered with projections showing Discovery Global’s implied equity value at $2.41–$3.77 per share, and potential acquisition value at $4.63–$6.86 per share.
Paramount insists WBD is still hiding key debt figures for Discovery Global, pegged at $17 billion for June 2026. Netflix has agreed to reduce the debt burden by $260 million. Paramount warns any reallocation of debt back to WBD’s streaming and studios business would cut shareholder payouts dollar-for-dollar under the Netflix deal.
Netflix plans to fund the acquisition with $20 billion cash and $52 billion debt, having secured $42.2 billion in financing from Wells Fargo, BNP and HSBC. WBD would retain $10.7 billion in net debt post-sale.
With Paramount reluctant to raise its $30/share bid and WBD shareholders overwhelmingly backing Netflix, the battle looks set to be a drawn-out, bruising slugfest — and one the Ellisons may struggle to win.
Film Production
Arka Mediaworks onboards 88 Pictures as animation studio partner on ‘The Eternal War – Part 1’
Arka Mediaworks announces that 88 Pictures, the acclaimed animation and visual storytelling studio known for its cutting-edge CGI and cinematic artistry, is on board as the animation partner for the highly anticipated Baahubali: The Eternal War, a groundbreaking two-part 3D animated feature film set in the globally beloved Baahubali universe.
Baahubali: The Eternal War represents a bold new chapter in the Baahubali saga envisioned for national and international audiences and crafted with the ambition of delivering one of India’s most ambitious and globally benchmarked animation projects to date.
88 Pictures will execute the animation production, bringing to life the film’s richly detailed worlds, epic battle sequences, and larger-than-life characters with its signature blend of artistic vision, performance-driven animation, and advanced production pipelines. Working closely with the film’s creative leadership and technical partners, the studio aims to set new benchmarks in animation quality, cinematic storytelling, and global scalability.
This animated epic follows the successful re-release of Baahubali: The Epic (the combined theatrical version of the original live-action films) on 31 October 2025 across India and the USA. During the film’s interval, legendary creator and director S.S. Rajamouli (Baahubali 1 & 2, RRR) stunned audiences with a surprise teaser for The Eternal War – Part 1. The video immediately went viral, garnering widespread national and international acclaim across LinkedIn, Instagram, and YouTube for its ambitious visual style and scale.
Produced by Arka Mediaworks and led by co-founder and CEO Shobu Yarlagadda – producer of the iconic Baahubali duology, The Eternal War brings together fantastic storytelling and cutting-edge animation.. The film is directed and written by acclaimed animation filmmaker Ishan Shukla (Schirkoa: In Lies We Trust, Star Wars: Visions – “The Bandits of Golak”) and screenplay by Scott Mosier (The Grinch). Mihira Visual Labs, the studio co-founded by Yarlagadda anchors the film’s animation, visual development, and execution.
The partnership with 88 Pictures brings significant pedigree to the project; the studio is well-regarded for its work on high-profile international titles including DreamWorks’ series Trollhunters, the HBO Max original series Gremlins: Secrets of the Mogwai, Disney’s animated short An Almost Christmas Story to name a few.
Yarlagadda shared, “We are happy to onboard 88 Pictures as the animation studio partner for our prestigious and most expensive animated film from India. We believe that their expertise and capabilities will allow us to produce a first-of-its-kind, world-class animated feature film from India.”
88 Pictures founder & CEO Milind D. Shinde said, “Baahubali changed the way cinema is perceived and became a defining milestone that turned the tide for Indian live-action filmmaking. Expanding the franchise into an entirely new universe—at a never-seen, never-done scale—through an animated feature created in India for a global audience is set to redefine how the world views Indian animation. We are truly thrilled to be part of this landmark project and to bring it to life under the visionary direction of Ishan Shukla, guided by the experience and leadership of acclaimed producer Shobu Yarlagadda.”
Shukla expressed, “Eternal War requires a level of visual and emotional precision that can only come from teams who truly understand both craft and intent. Working with 88 Pictures, alongside Mihira Visual Labs, has been a deeply collaborative experience. This association brings together technical excellence and creative sensitivity, enabling us to translate an ambitious vision into a compelling cinematic reality.”
Baahubali: The Eternal War – Part 1 is scheduled for release in 2027
