Netflix abandons Warner Bros bid, clearing the way for Paramount

2026-02-27 - 00:45

Netflix said Thursday it would not raise its takeover offer for Warner Bros. Discovery, effectively ceding the media giant to a rival bid from Paramount Skydance after deciding the deal was no longer financially attractive. The streaming giant’s co-CEOs Ted Sarandos and Greg Peters said they were “declining to match” Paramount Skydance’s latest offer after Warner Bros. Discovery’s board declared it a “Superior Proposal” under the terms of its existing merger agreement with Netflix. The...