Netflix Withdraws as Warner Bros Discovery Board Backs Paramount's Superior $111 Billion Bid

Netflix has declined to raise its offer to acquire Warner Bros Discovery's studio and streaming business after Warner's board deemed Paramount Skydance's revised $31-per-share bid superior. Paramount's offer, valued at approximately $111 billion, includes the entire company, encompassing networks like CNN and assets such as HBO Max. Netflix cited financial discipline and unattractive valuation as reasons for withdrawing, effectively positioning Paramount to take over pending shareholder and regulatory approvals. The merger could reshape the media landscape amid antitrust and political scrutiny.