Netflix steps back, handing Warner Bros. Discovery bid to Paramount Skydance

Netflix says it will not increase its bid for Warner Bros. Discovery, effectively ceding the fight to Paramount Skydance, which has raised its offer to about $77 billion (roughly $31 a share) for the entire company and includes a $7 billion reverse termination fee. Netflix had been pursuing WBD’s film studio, HBO, and HBO Max, while Warner Bros. Discovery’s board has deemed Paramount’s offer superior and a timely closing more certain. The deal still requires regulatory approval and a March 20 shareholder vote at WBD.