Netflix drops $83 billion bid for Warner Bros. Discovery, paving way for Paramount Skydance deal
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Netflix said on Thursday that it will not match Paramount Skydance's latest bid for Warner Bros. Discovery, clearing the way for a massive merger that could shake up the entertainment and media industry. Edited by Alain Sherter In:
Netflix said on Thursday that it will not match Paramount Skydance's latest bid for Warner Bros. Discovery, clearing the way for a massive merger that could shake up the entertainment and media industry.
Netflix agreed in December to buy part of Warner Bros. Discovery for $27.75 a share, or $82.7 billion. But Paramount Skydance had made a $30 a share all-cash offer to buy all of the company, and on Tuesday raised its offer for Warner Bros. Discovery to $31 a share (Paramount Skydance owns CBS News.)
Earlier on Thursday, Warner Bros. Discovery's board of directors notified Netflix that Paramount's $31 per share offer constituted a "superior proposal" for the company.
"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval," Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement Thursday. "However, we've always been disciplined, and 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."
Paramount Skydance didn't immediately respond to a request for comment.
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