Netflix has withdrawn from its bid to acquire Warner Bros. Discovery, a dramatic turn in the months-long corporate battle that now clears the way for David Ellison’s Paramount Skydance to take control of the media giant.
The streaming company said Thursday it would not increase its offer to match Paramount’s higher bid, calling the revised terms “no longer financially attractive.”
“This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement.
Netflix had previously secured an $83 billion agreement in December to acquire a significant portion of Warner Bros. Discovery’s business, including HBO and the Warner Bros. film studio. This deal would have cemented Netflix’s evolution from industry disruptor to dominant Hollywood force.
But Ellison, whose bid is financially backed by his father, Oracle founder Larry Ellison, refused to concede. Paramount Skydance ultimately submitted a revised $111 billion proposal, which Warner deemed a “superior offer,” triggering a four-day window for Netflix to counter.
Netflix chose to step aside.
With the streaming giant out, Ellison now stands poised to assume control of one of Hollywood’s most storied studios, a stunning outcome in a corporate showdown that has reshaped the media landscape.
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