Netflix has “backed away from its deal to acquire Warner Bros. Discovery.” The streamer confirmed it “would not raise its offer to counter a higher bid made earlier this week” by rival bidder David Ellison’s Paramount Skydance. In December, Netflix beat out Paramount for Warner Bros. Discovery in a deal valued at $72B. Ellison’s Paramount went on to submit a revised offer that was ultimately “decreed a ‘superior deal’ on Thursday.” Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement, “This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price” (N.Y. TIMES, 2/26).
Netflix backs away from deal to acquire Warner Bros. Discovery
