Netflix is walking away from a deal to buy WBD's studio and streaming assets after the WBD board deemed a revised bid by Paramount Skydance to be superior

Netflix has decided to walk away from a deal to acquire Warner Bros. Discovery's studio and streaming assets after the WBD board deemed a revised bid by Paramount to be superior. Paramount raised its bid to $31 per share, surpassing Netflix's offer of $27.75 per share. Netflix had granted WBD a seven-day waiver to reengage with Paramount, leading to the higher bid. The Paramount offer includes a $7 billion breakup fee and covers all of WBD's assets, including its pay TV networks. Netflix cited the price required to match Paramount's bid as the reason for declining to proceed with the acquisition.