Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer

Source: The Verge

Deal Overview

Netflix has dropped its $83 billion deal to acquire Warner Bros. Discovery, HBO, and the HBO Max streaming service. In an announcement on Thursday, co‑CEOs Ted Sarandos and Greg Peters said the streamer is “declining to match” the new bid made by Paramount.

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.

We believe we would have been strong stewards of Warner Bros.’…

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