The streaming giant will not match Paramount’s ‘superior’ bid.
Netflix is abandoning its $83 billion deal to acquire the Warner Bros. studio and its streaming service, HBO Max. Co-CEOs Ted Sarandos and Greg Peters announced on Thursday that Netflix is “declining to match” Paramount’s new offer:
“The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, 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. We believe we would have been strong stewards of Warner Bros.’ iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the U.S. But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”
Warner Bros. Discovery’s press release states that Paramount’s proposal, offering $31 per share for the entire company in cash, is a “superior” proposal.
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