Warner Bros Discovery Board Favors Paramount's $111 Billion Bid Over Netflix Offer

Warner Bros. Discovery's board has deemed Paramount Skydance's $111 billion takeover bid superior to Netflix's earlier $83 billion offer for the studio and streaming business. Netflix declined to raise its bid, citing financial discipline, effectively clearing the way for Paramount to acquire the entire company, including HBO Max, CNN, and Warner's content library. The deal awaits shareholder and regulatory approval amid concerns over industry consolidation and antitrust scrutiny. Warner's CEO thanked Netflix for their partnership despite the outcome.