Netflix loses Warner Bros to Paramount Skydance after refusing to match $31-a-share bid

Paramount Skydance emerged as the likely winner in a months-long battle to acquire Warner Bros. Discovery, after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.Netflix shares rose 10% in extended trading.

“We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance ⁠bid,” ​Netflix said in a statement.