Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount
In a flurry of hundred-billion-dollar deal offers, the bidding war for Warner Bros. Discovery is over. David Ellison-owned Paramount will acquire Warner Bros. Discovery. On Thursday, Warner Bros. Discovery announced that Paramount Skydance’s newest offer of $31 a share was a “superior proposal,” giving Netflix four business days to counter. Netflix then said it would not raise its $82.7 billion all-cash bid for the legacy studio, and would walk away from the deal. Per the terms of the original deal, Warner Bros. Discovery will have to pay a $2.8 billion termination fee to Netflix to end the existing agreement. Paramount’s renewed offer — backed by the world’s sixth-richest person, Oracle’s executive chair, and David Ellison’s father, Larry Ellison — includes…
