Netflix ends bid for Warner Bros. after Paramount offered $111B - UPI.com

Feb. 27 (UPI) -- Netflix has decided to let go of its attempt to buy Warner Bros. Discovery after Paramount Skydance raised its purchase offer.

On Wednesday, Paramount raised its cash offer from $30 per share to $31 per share. On Thursday, WBD decided the offer was superior to Netflix's offer, prompting the drop out.

"This transaction was always a 'nice to have' at the right price, not a 'must have' at any price," said co-CEOs Ted Sarandos and Greg Peters in a statement.

Netflix's bid was for $27.75 per share for the studios and streaming, while Paramount's bid is for the entirety of the company.

Netflix ends bid for Warner Bros. after Paramount offered $111B - UPI.com

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