Paramount Skydance has triumphed in its months-long campaign to scupper Netflix’s deal to buy Warner Bros Discovery, after its $111bn bid for the Hollywood studio drove the streaming giant to walk away.
Netflix on Thursday said it would not match Paramount’s $31-a-share offer after WBD’s board declared it “superior” to the deal agreed with the streaming company. The price required to match Paramount’s offer meant “the deal is no longer financially attractive”, Netflix said.
The decision by Netflix clears the way for Paramount to wrest control of assets including HBO, CNN and film franchises such as Harry Potter and Batman in a takeover that will have sweeping ramifications for Hollywood and the wider media landscape.
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