Netflix Withdraws Increased Bid for Warner Bros. Discovery
Netflix co-CEOs Ted Sarandos and Greg Peters issued the following joint statement: “We believed we could manage and grow Warner Bros. Discovery’s iconic brands well. However, this deal was a ‘nice-to-have’ at the right price, not a ‘must-have’ at any price. After the Warner Bros. Discovery board deemed Paramount Skydance’s proposal ‘superior,’ we were given an opportunity to match it within four business days. But the cost of matching their proposal is no longer financially attractive. We appreciate that the Warner Bros. Discovery management and board conducted a fair and rigorous process in reaching this decision. Netflix remains focused on investing in content and enhancing the member experience.”
https://about.netflix.com/en/news/netflix-declines-to-raise-offer-for-warner-bros
