"Netflix, Inc. today announced that it has declined to raise its offer for Warner Bros. Netflix had earlier received notice from Warner Bros. Discovery (WBD) that its Board of Directors has determined Paramount Skydance's (PSKY) latest proposal constitutes a 'Superior Proposal' under the terms of WBD's existing merger agreement with Netflix."
"However, 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."
"But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price. Netflix's business is healthy, strong and growing organically, powered by our slate and best-in-class streaming service."
Netflix has decided not to raise its offer for Warner Bros. Discovery after the company's board determined that Paramount Skydance's latest proposal constitutes a superior offer. Netflix co-CEOs Ted Sarandos and Greg Peters stated the deal was no longer financially attractive at the price required to match Paramount Skydance's bid. They emphasized Netflix maintains disciplined acquisition practices and that while the transaction would have created shareholder value with a clear regulatory path, it was never essential at any cost. Netflix acknowledged Warner Bros. Discovery as a world-class organization and expressed confidence they would have been strong stewards of its iconic brands. The company remains focused on its healthy, strong, and organically growing business.
Read at The Independent
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