Netflix has announced it will not raise its bid for Warner Bros Discovery to match the competing offer from Paramount Skydance, effectively withdrawing from the high-stakes acquisition battle. The decision comes shortly after Warner Bros Discovery's board stated it values Paramount Skydance's bid as superior to Netflix's previous offer.
According to reports, Paramount Skydance recently increased its bid for Warner Bros Discovery from $30 to $31 per share. Warner Bros Discovery's owners had previously accepted Netflix's offer of $27.75 per share for the film division and parts of the television business, but the board now considers the Paramount Skydance proposal better.
at the price required to match Paramount Skydance's bid, the deal is no longer financially attractive
Netflix had four business days to surpass the competing bid but responded quickly that it would not match Paramount Skydance's latest offer. The streaming giant's co-CEOs Ted Sarandos and Greg Peters stated in a release that at the price required to match Paramount Skydance's bid, the deal is no longer financially attractive.
Paramount Skydance's bid includes Warner Bros Discovery's entire operation, including television channels and streaming services such as CNN, TNT, and HBO. The development marks a significant shift in the media consolidation landscape, with Paramount Skydance now positioned as the likely acquirer of the Hollywood giant.