Paramount on Monday launched a hostile takeover bid for Warner Bros Discovery, initiating a potentially bruising battle with Netflix for the company behind HBO, CNN and DC Studios, and the right to reshape much of the nation's entertainment landscape.
The bid was announced days after Netflix reached a $72 billion deal to acquire Warner Bros. The bid by Paramount offers Warner shareholders about $74.4 billion, or $30 a share in cash.
The bid compares with Netflix’s offer of $27.75 in cash and stock. Paramount’s offer is for the entirety of Warner Bros, while Netflix is only interested in the Hollywood studios and streaming business.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount chief executive David Ellison said.
“Our public offer, which is on the same terms we provided to the Warner Bros Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.”
Paramount, the parent of CBS, MTV and other media businesses, instigated the battle several months ago when it made several offers for Warner Bros. The company decided to put itself up for sale in October and received several rounds of bids, including from Netflix and Comcast Corp.
Warner Bros Discovery and Netflix did not immediately respond to requests for comments on Paramount's deal.
In a regulatory filing, Paramount said the Ellison family, which owns Paramount, along with private equity company RedBird Capital, had agreed to backstop $40.7 billion in equity capital.
RedBird Capital has a joint venture with IMI, the parent company of several news outlets including The National.
The offer also includes financing from Affinity Partners, owned by US President Donald Trump's son-in-law Jared Kushner, as well as the Saudi and Qatari sovereign wealth funds. UAE-owned L'imad Holding Co is also part of the deal.
Mr Trump on Sunday said the Netflix deal “could be a problem” because of the size of the combined market share.
The President said he will be involved in the decision about whether the federal government should approve the deal.
Netflix shares were down about 4 per cent during the day.
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
UAE currency: the story behind the money in your pockets
More about Middle East geopolitics
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
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Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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UAE currency: the story behind the money in your pockets
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SPECS
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Dubai World Cup Carnival card:
6.30pm: Handicap (Turf) | US$175,000 | 2,410 metres
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m
7.40pm: Handicap (T) | $145,000 | 1,000m
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m
9.25pm: Handicap (T) | $175,000 | 1,400m
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
RESULTS
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Super lightweight:
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Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
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Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
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Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Jetour T1 specs
Engine: 2-litre turbocharged
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The years Ramadan fell in May
