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

Source: Slashdot

Deal Overview

Netflix is walking away from a deal to buy Warner Bros. Discovery’s studio and streaming assets after the WBD board deemed a revised bid by Paramount Skydance to be a superior offer.

• Earlier this week, Paramount raised its bid to buy the entirety of WBD to $31 per share, up from $30 per share, all cash.
• This amendment to Paramount’s multiple offers in recent months—made after moving forward with a hostile bid—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 covers the entirety of WBD, including its pay‑TV networks such as CNN, TBS, and TNT. Netflix had four business days to modify its proposal in light of Paramount’s superior bid, the WBD board said in a statement Thursday. Instead, the streaming giant’s decision to walk away puts a pin in a drawn‑out saga that saw amended offers from both bidders.