Netflix drops Warner Bros bid, ceding to Paramount

What happened

Netflix Thursday dropped its bid for Warner Bros. Discovery, shortly after Warner’s board deemed a counteroffer from Paramount Skydance “superior.” That gave Netflix four business days to match Paramount’s $31-a-share offer. Instead, the streaming giant said the deal was “no longer financially attractive” at that price and walked away. “This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement.