Paramount Skydance wins Warner Bros; Netflix walks away and its shares jump

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.

“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.

Netflix confirmed to Reuters that ‌it was walking away ⁠from bidding for ⁠Warner Bros Discovery. The Warner Bros board still has to terminate the Netflix deal and adopt Paramount Skydance’s offer.