Netflix bows out as Paramount emerges frontrunner to acquire Warner Bros Discovery

Netflix is declining to raise its offer to buy Warner Bros Discovery’s studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over the fellow storied Hollywood giant.

On Thursday, after Warner’s board announced that Skydance-owned Paramount’s offer was superior to the agreement it had previously struck with Netflix, the streaming giant said the new price that would be required to buy Warner would make it a deal that is “no longer financially attractive.”