Netflix Withdraws from Warner Bros. Bidding War, Paramount Victorious
In a dramatic turn of events, streaming giant Netflix has officially withdrawn from the bidding war for media titan Warner Bros. Discovery (WBD), clearing the path for a rival acquisition by Paramount Skydance. Netflix announced it would not match Paramount's enhanced offer of $31 per share, valued at approximately $83 billion, which the WBD board had deemed 'superior.' In a statement, Netflix's co-CEOs stated the deal was 'no longer financially attractive,' signaling a strategic retreat from what would have been one of the largest media mergers in history. The failed bid concludes a heated contest that had drawn significant regulatory scrutiny. A coalition of Republican attorneys general from 11 states had pressed the U.S. Justice Department to conduct a 'thorough and exacting' antitrust review of the potential Netflix-WBD merger, highlighting concerns over market consolidation. The rising regulatory risks, coupled with Paramount's aggressive bidding strategy—reportedly including substantial breakup fees—contributed to the heightened stakes of the auction. The market response to Netflix's withdrawal was swift and positive. Netflix's stock surged nearly 10% following the announcement, with some after-hours trading indicating jumps of up to 15%. Analysts interpreted the stock climb as investor relief, as the potential massive acquisition and its associated regulatory and financial burdens had weighed on Netflix's share price, which had declined more than 20% since the bid was announced in December. Paramount, meanwhile, is poised to claim the prize, with its chief, David Ellison, expressing pleasure that the WBD board 'unanimously affirmed the superior value of our offer.'
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However, we’ve always been ... latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,” the co-CEOs said. ... “Warner Bros. is a world-class organization, and we want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for ...
Stock Market Today, Feb. 25: Netflix Jumps After Warner Bros. Bid Fuels Investor Optimism | Nasdaq
Netflix (NASDAQ:NFLX), a provider of on-demand streaming of movies and TV shows, closed Wednesday’s session at $82.7, up 5.98%. The stock advanced after reports highlighted a heating bidding war for Warner Bros. Discovery (NASDAQ:WBD) and intensifying antitrust scrutiny. Investor
Later on Tuesday, WBD's board of directors said that Paramount's latest offer "could reasonably be expected to lead to a company superior proposal." However, it noted that a determination had not yet been made. On Wednesday, news broke that attorneys general from 11 states asked the U.S.
Netflix (NasdaqGS:NFLX) is pursuing a US$83b takeover of Warner Bros. Discovery in a high profile contest for control of a major Hollywood and streaming rival. Paramount Skydance has raised its competing offer for Warner Bros. Discovery and is prepared to pay large breakup fees, intensifying ...
Netflix won't increase its offer for Warner Bros., ceding bidding war to Paramount
Netflix shares soared as much as 15% in after-hours trading on the news, signaling relief from shareholders who have seen the stock decline by more than 20% since the WBD-Netflix bid was officially announced in December. Paramount’s updated offer, released Tuesday, raised the purchase price ...
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