Paramount Says Regulatory Waiting Period for Warner Bid Ends

Описание: Paramount Skydance said it has “no statutory impediment” in the US to closing its proposed $77.9 billion acquisition of Warner Bros. Discovery Inc. after clearing a US antitrust hurdle. Paramount said Friday it has complied with the US Justice Department’s second-request review process under the Hart-Scott-Rodino Act and that a 10-day waiting period expired on Thursday. The expiration of a waiting period doesn’t tacitly imply that regulators are on board with a deal. The department in the past has sued to block mergers after the waiting period passed. Warner Bros. already has a signed an agreement to sell its studio and streaming business to Netflix Inc. for $72 billion. Earlier this week, Warner Bros. committed to re-engage with Paramount after it submitted a revised hostile bid and indicated it would be willing to raise its offer by $1 a share to $31. Warner Bros. has given Paramount a deadline of Feb. 23 to submit its “best and final” offer. “Paramount Skydance continues to mislead stockholders and distract from the facts,” Netflix Chief Legal Officer David Hyman said in a statement on Friday. “The facts are that routine HSR milestones do not signal DOJ approval nor that any decision has been made. They have not secured approvals needed to close and they are a long way from doing so.” Bloomberg Intelligence Senior Antitrust Litigation Analyst Jen Rie and Chris Palmeri, Bloomberg News Senior Editor and Entertainment Team Leader, join Bloomberg Businessweek Daily to discuss. They speak with Carol Massar and Emily Graffeo.
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