Hollywood
Sony mulls alternate distribution options for ‘The Interview’
NEW DELHI: Sony Pictures is still considering options for distributing controversial comedy The Interview following the decision to pull its theatrical release in the wake of a rumoured North Korean hacking attack.
David Boies, speaking on NBC’s Meet the Press, said Sony had “only delayed” any release. “Sony has been fighting to get this picture distributed. It will be distributed,” Boies claimed. “How it’s going to be distributed, I don’t think anybody knows quite yet, but it’s going to be distributed.”
Midweek, following the theatres owners’ decision not to screen the movie, Sony Pictures said it had “no further release plans for the film,” and company representatives declined to elaborate on Boies’ remarks.
Nevertheless, Sony did refute a New York Post report that it was seeking to release the film for free via ad-supported online video site Crackle, which it owns. “No decisions have been made. Sony is still exploring options for distribution,” said a spokesman.
Sony Entertainment CEO Michael Lynton told CNN on Friday 19 December that the studio had not “given in” to pressure from hackers and was still considering ways to distribute the movie.
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.
