Home / Business and Economy / Netflix Out of Warner Bros Deal Bidding War
Netflix Out of Warner Bros Deal Bidding War
27 Feb
Summary
- Netflix declined to match Paramount's final offer price.
- Paramount's bid was deemed financially unattractive by Netflix.
- Paramount's offer includes CNN, Food Network, and streaming assets.
Netflix has ended its pursuit of Warner Bros' assets, citing that the required price to match Paramount's latest offer made the deal financially unattractive. In a statement, Netflix executives Ted Sarandos and Greg Peters emphasized their disciplined approach to transactions, noting that the deal was a 'nice to have' at the right price, not a 'must have.'
This decision follows a months-long saga that could significantly reshape Hollywood and impact the future of CNN. Paramount, led by David Ellison, had made a rival offer after Netflix initially agreed to a takeover offer for some Warner Bros assets last December. Ellison welcomed the Warner Bros board's decision in favor of Paramount's sweetened offer, highlighting the superior value and certainty it provides.
If regulatory approval is granted, Paramount would integrate Warner Bros' HBO Max streaming customers into its portfolio. The acquisition would also include CNN, the Food Network, and various sports offerings, complementing Paramount's existing brands like Nickelodeon, CBS, and Comedy Central.
