Netflix walks away from Warner Bros. bid, paving path for Paramount takeover

In a surprise yet strategic move, Netflix has formally stepped back from its proposed purchase of Warner Bros. Discovery’s streaming and studio assets, saying the transaction no longer makes financial sense after Paramount Skydance sweetened its competing bid.

In a statement released Thursday, as quoted by Reuters, Netflix said it would not match Paramount Skydance’s revised $31-per-share offer, citing valuation discipline.