Netflix exits bidding war for Warner Bros after Paramount offer
USA TODAY
Netflix said it was backing from buying Warner Bros Discovery's streaming and studio assets, saying the deal was no longer financially attractive.
Netflix is no longer in discussions to buy Warner Bros. Discovery following a bidding war against Paramount.
In a letter to shareholders on Thursday, Feb. 26, the streaming giant announced it declined to raise its last offer and will be exiting the race to own the Hollywood movie studio following Paramount Skydance's takeover. "The transaction we negotiated would have created shareholder value with a clear path to regulatory approval," Netflix CEOs Ted Sarandos and Greg Peters said in a joint statement.
"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," the statement continued.
Netflix offered to purchase $27.75 a share for the company's HBO, HBO Max and the Warner Bros. film and television studios in Burbank.
More: What we know about Netflix's blockbuster deal with Warner Bros.
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