Netflix withdraws as Paramount Skydance leads $111 billion Warner Bros. Discovery bid

Netflix has officially withdrawn from the race to acquire Warner Bros. Discovery, stating the deal is no longer financially attractive and was never considered essential to the company’s strategy.

The decision comes after Paramount Skydance submitted an improved offer worth about $111 billion in cash, equivalent to roughly $31 per share, which Warner Bros. Discovery’s board described as a superior proposal.

 “We want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for running a fair and rigorous process. While this deal was appealing, it was always a nice to have at the right price, not a must-have,” reads the statement.

Netflix executives Ted Sarandos and Greg Peters said the potential acquisition was only a nice-to-have opportunity at the right price rather than a necessity.

Paramount Skydance is now the leading candidate to acquire Warner Bros. Discovery, although the deal will still need approval from U.S. regulators. The company has even pledged a multi-billion-dollar break-up fee if the transaction fails to gain approval.