Warner Bros. officially deems Paramount’s bid ‘superior’ and Netflix withdraws

Warner Bros. Discovery has formally declared Paramount Skydance’s latest takeover proposal a “superior” offer to its existing deal with Netflix, escalating one of the most dramatic bidding wars Hollywood has seen in years. The determination prompted Netflix to withdraw from the bidding, handing the victory to Paramount.

In a statement Thursday, Warner Bros. Discovery said its board concluded that Paramount’s revised all‑cash offer to buy the entire company qualifies as a “Company Superior...