Netflix has backed away from its proposal to buy Warner Bros Discovery, clearing the way for Paramount Skydance to win the months-long takeover battle.
Warner Bros, which put itself up for sale last year, on Thursday said Paramount's latest bid was "superior" to Netflix's offer and called on the streaming company to raise its offer.
Paramount boosted its offer days ago, agreeing to increase its purchase proposal by $1 per share.
"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 co-chief executives Ted Sarandos and Greg Peters said.
"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval," Sarandos and Peters said in a statement. "However, we've always been disciplined."
