The Verge
Netflix isn’t buying Warner Bros: all of the latest updates
Just months after Netflix struck a deal to acquire the Warner Bros. studio, HBO, HBO Max, and Warner Games, the streaming giant has backed out of the arrangement, declining to raise its offer beyond Paramount’s “best and final” bid.
It’s just the latest twist in the acquisition saga, which started with a bidding war that reportedly also involved Apple, Amazon, and Comcast. Once Netflix and Warner Bros. came to an agreement on December 5th, Paramount tried to force its way into the deal, announcing a hostile bid worth $108.4 billion in cash. Unlike Netflix’s deal, Paramount’s includes an acquisition of all of Warner Bros. Discovery, including its cable networks.
But after several rejections, Paramount persistently upped its bid. It eventually came back with an all-cash offer at $31 per share and promised to cover the $7 billion regulatory termination fee if its deal with WBD doesn’t close, along with the $2.87 billion termination fee it must pay Netflix for abandoning its deal. Warner Bros. Discovery determined that the deal is “superior,” leading Netflix to walk away, saying it’s “no longer financially attractive.”
There are already questions about where the deal will go from here, and concerns from regulators about the proposed acquisition. You can follow along below for all of the latest updates as they come in.
Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer
Warner Bros. says Paramount’s latest offer is superior to its current deal with Netflix.
Paramount CEO David Ellison is Sen. Lindsey Graham’s guest at the State of the Union.
Warner Bros. says Paramount Skydance’s new bid might become better than Netflix’s.
Ted Sarandos: “This is a business deal, it’s not a political deal.”
DOJ reportedly begins antitrust investigation into Netflix’s merger with Warner Bros.
Trump says Netflix will ‘pay the consequences’ if it doesn’t fire Susan Rice
Warner Bros. Discovery gives Paramount one week
