As Netflix and Paramount vie for control of Warner Bros. Discovery, Burbank Councilmember Konstantine Anthony has called for the city to intervene legally to halt the acquisition process.
On Thursday, Anthony, a former mayor of Burbank, urged the city to file a lawsuit to prevent the sale, citing concerns over job preservation in the city, which is known as “The Media Capital of the World.” He emphasized that any consolidation of large media companies should be scrutinized under U.S. antitrust laws.
Paramount recently launched a hostile bid to acquire Warner Bros. Discovery after losing to Netflix in a competitive bidding war. Paramount’s offer of $77.9 billion surpasses Netflix’s $72 billion bid. The Burbank City Council is set to vote on the matter during its next regular meeting on Tuesday.
The acquisition battle has drawn significant attention, with President Donald Trump expressing concerns over the potential market share of a Netflix-Warner combination. Paramount’s bid, which includes backing from Middle Eastern investors, is seen as more likely to pass regulatory scrutiny due to its broader scope, including Warner’s cable business, which Netflix is not interested in acquiring according to WHSV.
The outcome of this high-stakes acquisition could reshape the entertainment landscape significantly, affecting streaming prices, movie theater employment, and the diversity of entertainment options available to consumers.
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