Comcast co-CEO Michael Cavanagh disclosed the details of the Philadelphia company’s failed bid for Warner Bros. Discovery on Monday, stating that it would not reenter the process after a hostile bid from Paramount sought to interfere with the Netflix deal announced last week, writes Ryan Mulligan for the Philadelphia Business Journal.
Comcast suggested folding a portion of Warner assets into a publicly traded subsidiary, encompassing Comcast NBCUniversal, its parks and studios, and the Peacock and HBO Max streaming platforms.
Last week, Warner Bros. reached a $72 billion agreement to sell a major portion of its business to Netflix. On Monday, Paramount launched its hostile bid, offering $30 per share to acquire all of Warner Bros.
While Comcast was part of the bidding process, Cavanagh noted that company officials “didn’t expect that we had a high likelihood of prevailing with a deal that made sense to us,” adding the company was “not interested in stressing the Comcast balance sheet.”
As a result, the company made an offer that was significantly lighter on cash compared to the competing bids.
“I think being focused — as a former rower, eyes in our own boat — and get the job done is going to be what the next couple of years give us an opportunity to do,” said Cavanagh.
Read more about Comcast’s failed Warner Bros. bid in the Philadelphia Business Journal.
_____
