Netflix pulled out of plans to acquire Warner Bros. Discovery because Paramount Skydance's offer was higher and more attractive at $31 a share and an additional $7 billion in fees. Netflix declined to raise its $82.7 billion offer.
The Netflix co-founders said their deal was always a "nice to have, not a must" and Paramount Skydance's offer was financially more attractive. David Zaslav, chairman of Warner Bros Discovery, called Netflix a "great company" but assured that the merger with Paramount Skydance would create great value for shareholders.
As a result of the new acquisition, Paramount will acquire all of Warner Bros. Discovery, including CNN. Netflix has stated that it will continue its core functions of providing services to subscribers, growing the business and ensuring long-term profitability.
