Source: United States & Canada – South China Morning PostNetflix said Thursday it would not raise its takeover offer for Warner Bros. Discovery, effectively ceding the media giant to a rival bid from Paramount Skydance after deciding the deal was no longer financially attractive.
The streaming giant’s co-CEOs Ted Sarandos and Greg Peters said they were “declining to match” Paramount Skydance’s latest offer after Warner Bros. Discovery’s board declared it a “Superior Proposal” under the terms of its existing merger agreement with Netflix.
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