Netflix backs out of Warner Bros. Discovery bidding war

For anyone who has been following the soap opera unfolding between Netflix and Paramount Skydance over the past few months in their financial brinksmanship to acquire Warner Bros. Discovery, the saga may be nearing its end. Today, WBD said its board of directors have determined that the latest offer from Paramount Skydance amounted to the better proposal. The media outfit gave Netflix four business days to match Paramount's terms, but the streamer didn't waste any time in declining to raise its own bid. "We believe we would have been strong stewards of Warner Bros.' iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US," the statement from Netflix  co-CEOs Ted Sarandos and Greg Peters said. "But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price." In addition to the purchase price of $31 per WB