iWorld
CNN+ to accelerate launch in US
Mumbai: This one is for those news channel executives and owners in India who don’t seem to have the confidence to launch their own streaming services. Cable TV news pioneer CNN – part of the WarnerMedia (now WarnerBros.Discovery) group, is working on its OTT service called – what else do you expect –CNN+, according to a report in the Wall Street Journal.
The platform is likely to be subscription driven and launch plans are being speeded up to allow it to debut much before the merger between CNN owner Warner Media and Discovery gets completed and the combined media behemoth resurfaces as Warner Bros.Discovery.
CNN+ has signed up deals with its prime anchors led by Anderson Cooper and Don Lemon to create new programmes – aside from the ones they have on the cable TV news service – , offering them higher packages, and possibly even bonuses related to subscriber growth.
Rivals such as Fox News got into the streaming fray 18 months ago as Fox Nation, offering differentiated programming than what is served on the network. Subscription numbers are just in the hundreds of thousands, but the new streamer has helped the Murdoch owned news service stay relevant to a new generation of digital first customers.
The Comcast owned streamer Peacock, also has given space to programmes from sister news services MSNBC and CNBC, as has the Viacom owned Paramount+ which has news shows such as 60 minutes from its CBS News operation.
Will Indian news channel leaders take a cue from the bustle of activity taking place in the US and also launch their own streaming services? So far they have been happy have a meek presence with their online web site avatars or have their linear channels streamed on other OTTs such as Disney+Hotstar or Zee5. It’s over to the news channel managements.
iWorld
Netflix has room to raise its Warner Bros bid: Reuters report
WBD sets 20 March vote but gives Paramount brief window for final bid
CALIFORNIA: Netflix has ample firepower to raise its bid for Warner Bros Discovery if rival suitor Paramount Skydance sweetens its offer, setting the stage for a high-stakes auction over one of Hollywood’s richest catalogues, Reuters reported.
The battle has pitted two media heavyweights against each other for control of franchises ranging from Harry Potter and Game of Thrones to DC Comics and Superman. While Warner Bros is pressing ahead with a 20 March shareholder vote on its deal with Netflix, the board has granted Paramount a narrow window to submit what it calls a “best and final” proposal.
Netflix has agreed to pay $27.75 a share, valuing Warner’s studio and streaming operations at about $82.7 billion. Paramount, by contrast, has offered $30 a share, or $108.4 billion, for the entire company, including Discovery Global, home to CNN, HGTV and other legacy television assets.
On Tuesday, Warner Bros rejected Paramount’s latest hostile bid but stopped short of closing the door. The rival studio had informally floated a $31-a-share proposal, prompting the board to re-engage while reaffirming its backing for the Netflix transaction.
“Netflix still looks to be in the driving seat, but that can quickly shift,” said Hargreaves Lansdown senior equity analyst Matt Britzman. “Price will likely be decisive. Funding certainty and regulatory risk matter, but at a high enough number they become secondary.”
He added that the bids are not directly comparable, with Netflix leaving behind the traditional network business: a trade-off the board and shareholders must ultimately price.
Paramount said it would press ahead with its tender offer, oppose what it called an “inferior” Netflix deal and push to nominate directors at Warner’s upcoming annual meeting. Under the merger agreement, Netflix is entitled to match any improved bid.
In a letter to Paramount’s board, Warner Bros chairman Samuel DiPiazza Jr and chief executive David Zaslav said the company remained “fully committed” to the Netflix transaction.
Behind the scenes, board-level concerns have tilted the balance. Eisner Advisory Group partner Paren Knadjian, said questions over financing structure, timing and regulatory approval continued to weigh on Paramount’s proposal, regardless of headline valuation.
Paramount has attempted to bridge the gap by offering Warner shareholders additional cash for every quarter the deal fails to close after this year, and by agreeing to cover the $2.8 billion break fee payable to Netflix if Warner walks away. The board, however, said key issues remain unresolved, including exposure to a potential $1.5 billion junior lien financing fee, execution risk if debt funding collapses, and whether equity backing led by Larry Ellison is fully committed.
