Paramount wins the battle for Warner Bros after Netflix declines to match the bid

"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid, said the two executives who jointly run Netflix, Ted Sarandos and Greg Peters."

"Warner Bros. Discovery, Inc. today announced that its board of directors, following consultation with its independent financial and legal advisers, has determined that the previously disclosed proposal from Paramount Skydance Corporation constitutes a Company Superior Proposal' as defined in WBD's merger agreement with Netflix, Inc."

"This transaction was always a nice to have' at the right price, not a must have' at any price, said Netflix, expressing regret that the deal fell through."

After a three-month acquisition battle, Paramount Skydance moved closer to acquiring Warner Bros Discovery studios when Netflix withdrew from the bidding war. Warner Bros announced that Paramount's latest proposal constituted a superior offer, triggering a matching period for Netflix. Netflix executives Ted Sarandos and Greg Peters stated they maintained financial discipline and declined to match Paramount's bid, characterizing the transaction as a desirable opportunity only at the right price, not a necessity at any cost. Paramount's offer of $31 per Warner Bros share proved more attractive to the studio's board than the previous Netflix agreement.

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