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Netflix Quits Warner Bros. Buyout Race
27 Feb
Summary
- Netflix declined to match Paramount's higher offer for Warner Bros.
- The co-CEOs cited financial unattractiveness at the required price.
- Netflix maintained discipline, deeming the deal no longer viable.
Netflix announced Thursday its withdrawal from the acquisition race for Warner Bros. The streaming giant revealed it would not increase its bid to match Paramount's latest offer of $31 per share, which had been deemed a superior offer by the Warner Bros. Discovery board. Co-CEOs Ted Sarandos and Greg Peters issued a joint statement explaining their decision.
They emphasized that while their initial negotiation aimed to create shareholder value and ensure regulatory approval, the escalating price point ultimately rendered the deal financially unappealing. Netflix cited its commitment to disciplined financial practices as the reason for declining to match the revised Paramount Skydance bid.
