(Jan 16): Paramount Skydance Corp’s leadership has held talks in recent days with French President Emmanuel Macron amid a European charm offensive to garner support for its US$108.4 billion (RM439.7 billion) hostile bid for Warner Bros Discovery Inc.
As the race with rival suitor Netflix Inc heats up, senior executives from the US studio giant spoke to Macron and senior French officials, according to people familiar with the matter, who spoke on condition of anonymity.
Paramount chairman David Ellison — son of US President Donald Trump’s ally Larry Ellison — also visited London on Thursday for a meeting with Culture Secretary Lisa Nandy, a UK official said.
Paramount has targeted Warner Bros since September with multiple offers, including the current all-cash bid of US$30 ($38.64) per share. Warner Bros has rebuffed those overtures, backing Netflix’s US$27.75 stock-and-cash bid as superior. Paramount has said it plans to launch a proxy fight to nominate directors to the studio’s board.
Either proposed deal will stand to reshape the entertainment industry and will face significant regulatory scrutiny in Washington and Europe. In headline-hitting takeovers, backing from European governments can sometimes prove influential in final decisions from European Union watchdogs in Brussels.
The Macron talks take on particular importance given France’s historic sensitivity to deals affecting its national film and TV industry.
Spokespeople for Paramount, the French presidency and the UK government didn’t immediately respond to requests for comments.
Technical meetings between Paramount and the European Commission have been taking place this week, the people added. The commission declined to comment.
Meanwhile, a US judge on Thursday refused to fast track Paramount’s request to see more document’s about Netflix’s bid, in a lawsuit that accuses directors of Warner Bros of misleading investors about the more than US$82.7 billion buyout.
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