TechCentral

Netflix has declined to raise its bid for Warner Bros Discovery, ceding the acquisition to Paramount Skydance. Netflix's $27.75/share offer was outbid by Paramount's revised $31/share offer, backed by billionaire Larry Ellison's Ellison Trust committing $45.7 billion in equity. Netflix shares rose over 10% after the decision. The proposed Paramount-Warner Bros merger would combine HBO Max and Paramount+, CNN and CBS, and faces potential antitrust scrutiny from California, federal regulators, and European authorities. Paramount agreed to pay a $7 billion termination fee if the deal fails regulatory approval and will cover the $2.8 billion fee Warner Bros owes Netflix for exiting their merger agreement.

Netflix walks away from Warner Bros deal