Netflix says it won't raise bid for Warner Bros.

"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. This transaction was always a 'nice to have' at the right price, not a 'must have' at any price."

"Once our board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders. We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery and can't wait to get started working together telling the stories that move the world."

"WBD's board repeatedly rebuffed offers and ultimately got Paramount to raise its bid to $31, up 63% from the original bid of $19 in September. Paramount appears to have won the fight for WBD - if it obtains all the necessary approvals."

Netflix co-CEOs Ted Sarandos and Greg Peters announced they would not match Paramount's latest bid for Warner Bros. Discovery, citing financial discipline and the deal no longer being attractive at the required price. While the merger would have created shareholder value with a clear regulatory path, Netflix emphasized this was a 'nice to have' opportunity, not essential at any cost. WBD's board is expected to adopt the Paramount merger agreement, with CEO David Zaslav expressing excitement about combining with Paramount Skydance. Paramount raised its offer to $31, a 63% increase from its original $19 September bid, and agreed to cover WBD's $2.8 billion termination fee owed to Netflix.

Read at Axios