Paramount Wins Warner Bros. Bidding War Over Netflix

In a significant turn of events, Paramount Skydance has emerged victorious in the bidding war for Warner Bros. Discovery after Netflix opted not to raise its offer. Netflix's co-CEOs, Ted Sarandos and Greg Peters, stated, "At the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive," confirming their withdrawal from the competition. Paramount's revised offer of $31 per share was deemed superior to Netflix's bid of $27.75 per share, prompting Warner Bros. to favor the former. Warner CEO David Zaslav expressed optimism about the merger, stating, "We are excited about the potential of a combined Paramount Skydance and Warner Bros Discovery and can’t wait to get started working together telling the stories that move the world." This acquisition is poised to unite major media properties, including HBO Max and Paramount+, under one umbrella, although it faces potential regulatory scrutiny, particularly from California's Attorney General Rob Bonta, who has an open investigation into the deal.