Netflix stock surges as it walks away from Warner Bros deal

Netflix declined to raise its proposal to match a higher one from Paramount for Warner Bros, saying the deal was no longer attractive.

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Netflix’s stock is surging as investors applauded its decision to exit the race for Warner Bros Discovery, a months-long bidding war with Paramount Skydance for some of Hollywood’s most prized assets.

The stock jumped more than 10 percent on Friday. That came on the heels of Netflix’s decision on Thursday evening that it would not match Paramount’s latest $31 per share bid or raise its offer of $27.75 a share for Warner Bros’s studio and streaming assets, stating that the deal was “no longer financially attractive”.