Netflix Walks Away From Warner Bros. Discovery Deal
Netflix abandons bid for WBD's studio and streaming assets after board picks Paramount Skydance's revised offer instead.
Netflix just got outbid. The streaming giant has pulled out of negotiations to acquire Warner Bros. Discovery's studio and streaming assets.
The reason? WBD's board decided on Thursday that a revised offer from Paramount Skydance was the superior deal. Netflix apparently couldn't — or wouldn't — top it.
The collapse marks a dramatic twist in what would have been one of the biggest media consolidation plays in recent memory. Netflix scooping up WBD's content library and studio infrastructure would have fundamentally reshaped the streaming landscape.
Instead, Paramount Skydance appears poised to walk away with the prize. The WBD board's decision signals confidence in whatever sweetened terms Paramount Skydance brought to the table in its revised bid.
For Netflix, it's back to the drawing board on major acquisition strategy. For WBD, the bidding war did exactly what bidding wars are supposed to do.