Hollywood
Warner Bros rejects Paramount’s latest bid, gives seven-day deadline for revised offer
Studio seeks bid above $31 a share while backing Netflix merger
NEW YORK: Warner Bros Discovery has rejected Paramount Skydance’s latest hostile bid of $30 a share but granted the suitor seven days to submit a “best and final” offer, even as it reiterated its support for a merger with Netflix.
In a letter sent on Tuesday, Warner Bros said Paramount had informally floated a higher price of $31 a share, but the board did not consider the proposal reasonably likely to result in a superior transaction to its existing Netflix deal.
Paramount has until February 23 to improve its offer. Under the merger agreement, Netflix is entitled to match any competing bid, Warner Bros said.
“Our board has not determined that your proposal is reasonably likely to be superior to the Netflix merger,” chairman Samuel DiPiazza Jr and chief executive David Zaslav wrote to the Paramount board. “We remain fully committed to our transaction with Netflix.”
Paramount’s offer values Warner Bros at $108.4 billion, while Netflix has agreed to pay $27.75 a share, valuing Warner Bros’ studio and streaming assets at $82.7 billion. Warner Bros plans to spin off its Discovery Global cable networks: including CNN, TLC, Food Network and HGTV, into a separate listed company ahead of the merger vote scheduled for 20 March.
Warner Bros said it expects any acceptable Paramount bid to exceed $31 a share, noting that a Paramount adviser had suggested higher pricing was possible if talks reopened.
Shares of Paramount rose 6 per cent, while Warner Bros Discovery gained 2.3 per cent. Netflix shares fell 1.4 per cent.
The move marks a shift after months of resistance. Paramount has said Warner Bros previously failed to engage meaningfully on six approaches before announcing its Netflix deal in December. A revised Paramount proposal in January, backed by a $40 billion personal equity guarantee from Larry Ellison, father of Paramount chief executive David Ellison, was also rejected.
Warner Bros now faces growing pressure from activist investor Ancora Holdings, who opposes the Netflix transaction. Paramount has separately sought board representation, with Pentwater Capital backing its bid.
The deal is expected to face regulatory scrutiny over competition concerns, with Paramount and Netflix engaging with authorities including the US Department of Justice.
Hollywood
Disney sells out ad slots for 98th Oscars broadcast
Strong demand for live events turns the Academy Awards into a global, multi-platform marketing moment
NEW YORK: Hollywood’s biggest night has also become one of advertising’s hottest tickets. Disney has sold out all advertising inventory for the 98th Oscars, underscoring the growing demand from brands eager to ride the cultural wave of major live events.
The sell-out marks the sixth consecutive live tentpole success for Disney Advertising. The streak includes last year’s 97th Oscars, the 59th Annual CMA Awards, and Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest, signalling strong appetite among marketers for moments that bring audiences together in real time.
For advertisers, the Oscars are no longer just a single night of glitz and gold statues. Disney’s “Content Everywhere” strategy has expanded the awards show into a sprawling, multi-platform brand playground spanning linear television, streaming, social media and digital content.
“Live continues to be one of the most powerful ways for brands to connect with engaged audiences at scale, and the Oscars represent the very best of culture, creativity and community,” said Disney Advertising SVP, entertainment and streaming solutions John Campbell. He added that the company has reshaped the show’s commercial potential into a connected experience that stretches well beyond the broadcast.
Brands such as Mazda, Pfizer and Volkswagen of America are tapping into Disney’s wider ecosystem, appearing across original content segments including Know Your Movies on Hulu and Critically Acclaimed on Disney+. Partnerships also extend to social media through TikTok Pulse Premiere and to custom brand storytelling created by Disney CreativeWorks.
The result is what Disney calls the “Oscars Everywhere” approach. Rather than a few high-profile ad breaks, advertisers now find themselves woven through a series of moments before, during and after the ceremony.
These include On The Red Carpet at The Oscars, a live pre-show syndicated across major local markets and streamed nationwide, and the After the Oscars Show, which keeps the conversation going once the final award has been handed out.
This year’s sponsors include Rolex, returning for its ninth year, and Burger King, which joins the Oscars advertiser roster for the first time. Other brands in the mix include Disney Cruise Line, Dunkin’, Eli Lilly and Company, Eucerin, Intuit TurboTax, L’Oréal, McDonald’s, Microsoft, Miebo, Paris Baguette, Peacock, Starbucks, State Farm, Toyota and Verizon.
The 98th Oscars will take place on March 15, 2026, at the Dolby Theatre at Ovation Hollywood. The ceremony will be broadcast live on ABC and streamed on Hulu, reaching audiences in more than 200 territories worldwide.
