Netflix drops bid to buy HBO, Warner Bros. Discovery

Source: 9to5Mac

Netflix won’t be the new owners of Warner Bros. Discovery after all. Back in December, the company beat out Paramount with a huge $83 billion deal to acquire WBD, but today the company dropped its bid.

Netflix declines to raise its offer for Warner Bros. Discovery

Despite Warner Bros. Discovery recognizing Netflix as the strongest offer in December, Paramount Skydance has continued to mount pressure on WBD to instead consider its evolving offer.

Netflix, Inc. announced that it has declined to raise its offer for Warner Bros. The board of Warner Bros. Discovery determined that Paramount Skydance’s latest proposal constitutes a “Superior Proposal” under the terms of the existing merger agreement with Netflix.

As of today, Netflix has decided not to match Paramount’s bid, ending its plans to become the new owners of HBO as well as the Warner Bros. film and television studio.

Statement from Netflix co‑CEOs

“The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and 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.”
— Ted Sarandos and Greg Peters

Netflix leadership described Warner Bros. Discovery as “a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

Apple and Netflix content trade around Formula 1

Apple and Netflix announced plans to make a content trade involving Formula 1. The next season of Drive to Survive will be available on Apple TV in the United States, and the upcoming F1 Canadian Grand Prix will stream on both Apple TV and Netflix.

Apple TV is the new home for Formula 1 streaming starting this season.