Netflix says it won't raise its offer for Warner Bros.

"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. 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 has framed itself as a better buyer for Warner Bros. than Netflix, which it characterizes as a streaming powerhouse that would wield unhealthy sway over competitors and consumers if it bought HBO and gained access to iconic IP like DC Comics' Batman."

"Netflix has argued it isn't dominant because it competes with YouTube and other free streaming services, as well as traditional TV. The company has also said it would be a better caretaker of Warner Bros. by laying off fewer staffers than Paramount would, while creating more TV jobs."

Netflix announced it will not raise its bid for Warner Bros. Discovery after Paramount increased its offer to $31 per share. Netflix co-CEOs Ted Sarandos and Greg Peters stated the transaction they negotiated would have created shareholder value with a clear regulatory path, but at the price needed to match Paramount's latest offer, the deal became financially unattractive. Paramount CEO Ellison has made ten official offers for the HBO parent company over months of pursuit. Paramount argues it is a better buyer than Netflix, claiming Netflix's streaming dominance would give it unhealthy market control over competitors and consumers, particularly regarding HBO and DC Comics intellectual property. Netflix counters that it faces competition from YouTube and free streaming services, and would be a better steward by retaining more staff and creating additional Hollywood jobs.

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