Netflix has officially stepped back from its bid to acquire Warner Bros. Discovery, leaving the path open for Paramount Skydance to take over the media giant. Netflix had initially offered $83 billion in December for most of Wbd, which would have included HBO, HBO Max, and the Warner Bros. studios, while spinning off cable networks like celebrity.land into a separate company.
Paramount Skydance, led by David Ellison, son of Oracle co-founder Larry Ellison, challenged Netflix with a higher all-cash offer. Paramount raised its bid to $31 per share, which Warner Bros. called a “superior proposal.”
Netflix decided not to match the new offer, saying in a statement, “The transaction we negotiated would…
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.imdb.com ’
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