- Netflix has declined to increase its offer for Warner Bros. Discovery (WBD) after WBD's board deemed Paramount Skydance's (PSKY) new takeover bid a "superior proposal".
- The streaming service stated that matching PSKY's latest offer would make the deal "no longer financially attractive", citing a disciplined approach to acquisitions.
- Netflix co-CEOs Ted Sarandos and Greg Peters confirmed their decision, thanking WBD for a fair process but reiterating that the transaction was a "nice to have" at the right price, not a "must have" at any price.
- WBD's decision marks a significant change, as the company had publicly backed Netflix's proposal for months prior to PSKY's enhanced bid.
- Paramount Skydance's revised offer includes $31 per share for the entire company, which WBD's board unanimously affirmed as providing superior value, certainty, and speed to closing.
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