STORY: Netflix said on Thursday that it was backing out of its bid to buy Warner Bros Discovery’s streaming and studio assets.
It comes shortly after Warner Bros said a revised $31-per-share offer from Paramount Skydance was superior to its existing deal with Netflix.
In a statement, Netflix said (quote) “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.”
Netflix, which wanted to buy the Warner Bros streaming and studio businesses, agreed in December to pay $27.75 a share, saying the offer, along with a planned spinoff of Warner Bros’ cable assets, would deliver a greater shareholder value.
Paramount, meanwhile, has argued it has a clearer path to U.S. regulatory approval.
On Thursday, Paramount said it welcomed Warner Bros board’s unanimous reaffirmation that its bid represents the stronger offer.
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