Netflix Withdraws Warner Bros Bid
Netflix has decided not to increase its offer to acquire Warner Bros Discovery after the Hollywood studio giant determined that Paramount Skydance's rival proposal was "superior," effectively clearing the path for Paramount to secure the takeover.
Warner Bros, which announced its intent to sell last year, stated on Thursday that Paramount's most recent bid was superior to Netflix's offer.
Paramount had recently enhanced its offer by increasing its purchase proposal by $1 per share.
"At the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid," Netflix co-chief executives Ted Sarandos and Greg Peters said.
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