"We believe we would have been strong stewards of Warner Bros.' iconic brands. But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price. Netflix's co-CEOs Ted Sarandos and Greg Peters explained their decision to withdraw, emphasizing that while they valued the opportunity, the financial terms no longer justified proceeding with the acquisition."
"A Paramount buyout of Warner Bros. Discovery would reshape Hollywood and the wider media landscape. And unlike Netflix - which was only eyeing Warner's studio and streaming business - Paramount wants the entire company. That means HBO Max, cult-favorite titles like 'Harry Potter' and even CNN could soon find themselves under the same roof as Paramount's CBS, 'Top Gun' and the Paramount+ streaming service."
Netflix declined to counter Paramount's $31 per share offer to acquire Warner Bros. Discovery, stating the deal was no longer financially attractive. Paramount's bid values the entire company at approximately $111 billion, significantly higher than Netflix's previous agreement. Unlike Netflix, which sought only Warner's studio and streaming assets, Paramount aims to acquire the complete company, including HBO Max, CNN, and iconic franchises like Harry Potter. This potential combination would substantially reshape Hollywood's media landscape. The transaction requires approval from Warner shareholders and regulatory bodies, raising antitrust concerns and questions about political influence. Netflix's withdrawal concludes a monthslong corporate battle over Warner's future.
Read at Fortune
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