Paramount Global and Skydance Media have presented Warner Bros. with a superior acquisition proposal, prompting streaming giant Netflix to officially withdraw its bid.
“The economics of the deal are no longer strategically viable for us, leading to our decision to step back from the competition with Paramount Skydance,” stated Netflix co-CEO Ted Sarandos in a formal press release.
Following this development, Paramount stands as the exclusive suitor for the Warner Bros. assets. A definitive timeline for the finalization of this landmark transaction has yet to be disclosed.
Rumors regarding a potential consolidation between Netflix and Warner Bros. first surfaced in December, with the streamer initially floating a staggering $83 billion offer. However, Paramount entered the fray shortly after, progressively upping the ante to secure its lead. Whether U.S. regulatory authorities will greenlight the massive merger remains to be seen.
