Netflix Withdraws Warner Bros Discovery Bid Amidst Paramount's Attractive Offer

Netflix announced on Thursday that it is withdrawing from its pursuit of Warner Bros Discovery's streaming and studio assets. This decision comes after Paramount Skydance improved its bid to $31 per share, making it less financially viable for Netflix to proceed.

In a statement, Netflix emphasized its disciplined approach, highlighting that matching Paramount Skydance's latest offer wouldn't be advantageous. Warner Bros Discovery affirmed that Paramount's revised proposal was more appealing compared to the prior arrangement with Netflix.

Previously, Netflix had given Warner Bros a seven-day period to entertain Paramount's proposal, which included a raised termination fee and increased equity commitments. Ancora Holdings, a stakeholder, has criticized Warner Bros' lack of engagement with Paramount.