Netflix Ditches deal for Warner Bros. Discovery After Paramount's Offer is Deemed Superior

Netflix is walking away from a deal to buy Warner Bros. Discovery's studio and streaming assets after the WBD board on Thursday deemed a revised bid by Paramount Skydance to be a superior offer. From a report: Earlier this week, Paramount raised its bid to buy the entirety of WBD to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount's multiple offers in recent months -- and since moving forward with a hostile bid to buy the company -- and it's now unseated a deal between WBD and Netflix to sell the legacy media company's studio and streaming businesses for $27.75 per share. Last week, Netflix granted WBD a seven-day waiver to reengage with Paramount, resulting in the higher bid. Paramount's offer is for the entirety of WBD, including its pay-TV networks, such as CNN, TBS and TNT. Netflix had four business days to make changes to its own proposal in light of Paramount's superior bid, the WBD board said in a statement Thursday. Instead, the decision by the streaming giant to walk away puts a pin in a drawn-out saga that saw amended offers from both bidders.

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