On February 27, according to CNBC, Netflix announced on Thursday that it would give up the acquisition of Warner Bros. Discovery’s film, television and streaming media assets. Earlier, Warner Bros. determined that Paramount’s revised acquisition offer was better than its agreement with Netflix.
Paramount
Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement on Thursday: "We negotiated a deal that would have created shareholder value and had a clear path to regulatory approval. However, we have always adhered to prudent principles. At the price level required to match Paramount's latest offer, the transaction was no longer financially attractive, so we decided not to match Paramount's bid."
Warner Bros. previously said that Netflix has four working days to submit a revised offer for the Warner Bros. board to judge whether the offer can match Paramount's latest bid. Paramount is seeking to acquire Warner Bros. as a whole, while the Netflix deal targets Warner Bros.' film and television studios as well as its HBO Max streaming service.
Warner Bros. said that if the board of directors still prefers Paramount’s acquisition plan after Netflix revise its offer, then Warner Bros. has the right to terminate the agreement with Netflix. Warner Bros. said that until then, the merger agreement with Netflix remains in effect, and the Warner Bros. board of directors will continue to recommend that shareholders approve the transaction with Netflix.