February 27, (THEWILL) — In a dramatic twist in one of Hollywood’s biggest takeover battles, Netflix has withdrawn its $83 billion bid to buy Warner Bros. Discovery (WBD), clearing the way for Paramount Skydance to take control of one of the world’s most famous studios.
Netflix had offered $27.75 per share, focusing mainly on Warner Bros’ film studio and streaming assets, including HBO, but Paramount stepped in with a higher bid of $31 per share in cash, valuing the entire company at about $111 billion, including debt.
The Warner Bros board described Paramount’s proposal as “superior”, and Netflix chose not to match the new price.
In a statement, Netflix co-chief executives, Ted Sarandos and Greg Peters, said, “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined.”
They added that the deal “is no longer financially attractive” and called it “a ‘nice to have’ at the right price, not a ‘must have’ at any price.”
Paramount Skydance chief executive, David Ellison, welcomed the decision, saying the offer provides shareholders with “superior value, certainty and speed to closing.” Paramount is backed by tech billionaire Larry Ellison, giving the company strong financial support.
If regulators approve the deal, Paramount will gain control of Warner Bros’ full empire, including HBO, CNN, TNT, Discovery and one of the largest film and television libraries in the industry. Paramount already owns CBS, Nickelodeon and Comedy Central, making the combined company a powerful force in entertainment.
The deal still requires approval in the United States and Europe. California Attorney General Rob Bonta has said the merger “is not a done deal” and confirmed there is an open investigation.
The takeover has also drawn political attention. US President Donald Trump has frequently criticised CNN’s reporting and previously suggested the network should be sold as part of any Warner Bros deal.
With Netflix stepping aside and Paramount now in the lead, one of Hollywood’s most iconic studios is closer to changing hands, a move that could reshape the future of film, television and streaming.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
