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Netflix Abandons Warner Bros. Buyout, Paving Way For Paramount Takeover

Netflix Abandons Warner Bros. Buyout, Paving Way For Paramount Takeover https://ift.tt/v0EF54t Late last year, Netflix struck a deal with Warner Bros. to purchase most of the company's assets for $82 billion. Now, Netflix has chosen to abandon that deal rather than match the higher offer made by Paramount. That paves the way for Paramount to become the new owner of Warner Bros. Discovery, pending stockholder and regulatory approval. For the better part of two months, Warner Bros. refused to engage with Paramount, which briefly led the latter to file a lawsuit against the rival studio. Earlier this month, Netflix granted Warner Bros. a one-week period to reopen negotiations with Paramount . The Warner Bros. board subsequently decided that Paramount's higher offer was the better deal, and Netflix declined to keep bidding. "We believe we would have been strong stewards of Warner Bros.' iconic brands, and that our deal would have strengthened the entertainment industry...
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Take-Two Buys Gearbox Entertainment From Embracer For $460M

Take-Two Buys Gearbox Entertainment From Embracer For $460M https://ift.tt/k1CBDEw

After months of rumors that Embracer Group was looking for buyers for Borderlands developer Gearbox Entertainment, the studio is now officially being sold to 2K parent company Take-Two Interactive in a deal worth $460 million.

Gearbox was one of Embracer Group's biggest acquisitions when it bought the company in 2021, in a deal worth up to $1.3 billion. As the deal was based on Gearbox reaching certain milestones, it's unclear how much of that $1.3 billion Embracer ended up paying out beyond $363 million in guaranteed upfront payments.

Now, as reported by Brian Crecente on X, Take-Two Interactive has purchased Gearbox for $460 million, which will be paid out in Take-Two shares. The purchase includes Gearbox Software in Texas, Gearbox Montreal, and Gearbox Studio Quebec, and will cover Gearbox IP including Borderlands and Tiny Tina's Wonderlands, Risk of Rain, Brothers in Arms, and Duke Nukem.

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