Entertainment giant Warner Bros Discovery’s board has reportedly turned down a nearly $60 billion takeover offer from Paramount Skydance, a source told Reuters on Tuesday (local time). The company also announced that it will now look at other options for a possible sale.The board had rejected a mostly cash offer of around $24 per share for the company, whose assets include the Warner Bros film and TV studios, CNN, several cable networks, and the HBO Max streaming service. Shares of Warner Bros Discovery closed 11% higher on Tuesday.According to another source, Comcast may review the media giant’s assets as well. Netflix is also among the interested buyers, CNBC reported, following earlier reports that Paramount Skydance CEO David Ellison had been in talks to buy the entire company.Warner Bros, known for film franchises like Harry Potter and DC Comics, announced in June that it planned to divide its business into two parts by next year: one focused on studios and another on cable networks. The move aims to separate its fast-growing streaming segment from its weaker cable operations.The company said its board will now weigh several options, including going ahead with the planned split, selling the entire company, or pursuing separate deals for its Warner Bros or Discovery Global businesses. It is also considering another structure that could merge Warner Bros with a spinoff of Discovery Global.

Major shake up

A sale or breakup of Warner Bros Discovery would be one of the biggest shake-ups in the global media landscape. The rise of streaming has already changed how audiences watch content, pulling viewers away from traditional TV and cutting into advertising income.Any buyer of Warner Bros Discovery would gain control of a major Hollywood studio and a leading streaming platform but would also take on its massive $35 billion debt.The company, valued at around $45.36 billion, has seen its shares rise more than 46% since early September, when reports of Paramount’s interest first emerged.“Paramount is the most likely to purchase the company. For Netflix, a purchase would make more sense following the planned split because the studio would be very valuable to Netflix but the TV networks not as much,” said eMarketer senior analyst Ross Benes told Reuters.Warner Bros Discovery had already rejected an earlier bid from Paramount, which offered about $20 per share, as it was seen as too low, two sources told Reuters.Bank of America research analyst Jessica Reif Ehrlich estimated that the company’s full value was closer to $30 per share, given its rich portfolio of entertainment assets. “Given the company’s wealth of premium IP (Harry Potter, DC, Lord of the Rings, Game of Thrones, etc.) and robust library, we continue to believe Warner Bros is an extremely attractive potential acquisition target,” she said in an investor note.Meanwhile, Comcast is preparing to spin off its NBCUniversal cable channels, such as USA Network and CNBC, into a new company called Versant later this year.“Potential WBD suitors, including Paramount, Comcast, Netflix, Amazon and Apple, could see value in moving sooner rather than later to acquire the entirety of WBD versus waiting to purchase just the streaming and studios assets,” Seth Shafer, principal analyst at S&P Global Market Intelligence Kagan told the news agency.

Repriced and repacked! Your biscuit, shampoo and water bottles will now be bigger!Remember when a Rs 5 Parle-G pack or a Rs 20 Bisleri bottle felt like such a steal, giving you more than you expected?Those days could soon be back as FMCG companies are planning to bring back these familiar price points by mid-November, with slightly bigger packs to match the new GST rules.

Bigger sizes instead of lesser prices

After the September 22 GST rate cuts, many items had shifted to awkward new prices as there was no clarification from the government about increasing weights. A Rs 5 Parle-G pack became Rs 4.45, a Rs 1 candy fell to 88 paise, and a Rs 2 shampoo sachet went down to about Rs 1.77, leaving shoppers frustrated.The government then issued clarification to some FMCG manufacturers allowing them to pass on the GST rate cut benefits by increasing the weight of the packets instead of reducing prices.Industry executives told ET that now that officials from the Central Board of Indirect Taxes and Customs gave a verbal clarification in meetings with FMCG firms, they can start fresh production by next week with new packets at the already popular prices, but with a 6% to 12% increase in quantity.“Over the next few days, companies will roll out new packs at the popular price points and increased weight,” said Mayank Shah, vice president at Parle Products. Snack production has already restarted, while other categories are modifying pack sizes. For biscuits, the weight will go up by 11–12%.Angelo George, chief executive of Bisleri International, said, “The current price points are inconvenient for consumers,” adding that the companies will soon go back to old popular prices but with higher volume.

Popular prices —Win-win for both!

After the initial GST cut, many products saw temporary price drops: Mondelez revised Bournvita from Rs 30 to Rs 26.69, Oreo from Rs 10 to Rs 8.90, and Gems and 5Star Rs 20 packs to Rs 17.8. Bisleri reduced 500 ml bottles from Rs 10 to Rs 9 and 1-litre bottles from Rs 20 to Rs 18. Retailers often rounded off prices or returned change with small confectionery packs, while digital payments allowed exact amounts.Tarun Arora, chief executive of Zydus Wellness, which makes Complan and Glucon-D, said that popular price points are a win-win for consumers and small retailers alike. Arora said that they make sense from a consumer perspective and are easier for marketing as well.“”It’s still early days, but companies might respond by launching new products at magic price points or even consider reaching out to regulators for guidance or relief,”” he explained.

Many await official clarification

Back in 2017, several FMCG firms were fined by the National Anti-Profiteering Authority for allegedly failing to pass on GST benefits to consumers. This time, however, government officials have clarified that companies will not face penalties if they reintroduce popular price points by increasing pack weight or volume.Dairy major Amul, however, is taking a cautious approach. Jayen Mehta, managing director of the Gujarat Cooperative Milk Marketing Federation, which markets Amul products, said, “The government’s intent was to lower pricing and we will follow it in letter and spirit. We do not intend to revise the prices and increase grammage because consumers will not get the intended benefit.”Prashant Peres, managing director at Kellanova India and South Asia, told ET last month that price tags in between the “magic” points had caused inconvenience for the industry. “In the short term, there will be some slashing of prices that we will do, or many others will do, because we just can’t turn around the supply chain fast enough. But in the long term, it will be grammage, and we will go to those price points,” he said.

GST 2.0 cuts and benefits

The GST Reforms 2025 mark a major overhaul of India’s indirect tax system, aiming to simplify taxation, reduce the burden on citizens, and stimulate business growth. The reform introduces a new two-slab structure of 5% and 18%, replacing the previous four-tier system. Luxury and sin goods such as tobacco, pan masala, aerated drinks, and high-end cars will now be taxed at 40%, ensuring fairness while maintaining government revenue.The reform significantly reduces GST on essential household items and services and the benefits of these reforms extend across the economy.The government has directed multiple times that the companies must pass on the benefits to the consumers. Earlier, Union finance minister Nirmala Sitharaman said that the Centre is working on a package to provide relief to exporters affected by US tariffs.In an hour-long interview, she told TOI the GST reforms, which came on PM Modi’s directions, focused on ensuring the benefits of rate reduction go to the common man, farmers and small businesses. She said ministries were already working with the industry to ensure that the gains are fully transferred to consumers and pointed to several companies, such as state-run insurers and a leading Indian auto company, announcing plans to reduce prices.While addressing a press conference on ‘GST Bachat Utsav’, Sitharaman also said in quite a few cases, a “more-than-expected” price reduction due to GST reforms has been passed on to end consumers.“We are convinced that on every such items the benefits are being fully passed on to consumers,” she added. The government has also introduced a helpline and an online portal for consumers to register a complaint, in case they are not receiving the benefits of the rate cuts.