Company walks away from planned takeover as co-chiefs say deal ‘no longer financially attractive’
Netflix has walked away from its planned takeover of Warner Bros Discovery, declining to raise its offer for the media conglomerate’s storied Hollywood studios and streaming business after it determined a sweetened rival offer from Paramount Skydance to be “superior”.
In a statement on Thursday evening, Netflix co-chief executives Ted Sarandos and Greg Peters said that “at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive”.
