Los Angeles, California, USA – Streaming giant Netflix has officially withdrawn its multi-billion dollar offer to acquire the studio and streaming assets of Warner Bros. Discovery.
The abrupt exit leaves Skydance-owned Paramount in a prime position to execute a complete takeover of its historic Hollywood rival, a move that could fundamentally reshape the global entertainment landscape.
Okay News reports that the decision came shortly after Warner’s board gave Netflix a four-day window to counter Paramount’s superior $111 billion bid for the entire company.
Netflix declined to raise its $83 billion proposal less than two hours later, with co-CEOs Ted Sarandos and Greg Peters stating that the revised price made the transaction financially unattractive, noting the acquisition was a “nice to have” rather than a “must have” deal.
A successful buyout by Paramount would unite two of Hollywood’s remaining major legacy studios. If approved by shareholders and federal regulators, the monumental merger would bring massive film franchises like “Harry Potter” and “Superman,” alongside major television networks including HBO, CNN, and CBS, under a single corporate umbrella.
