BREAKING: Netflix LOSES bidding war for Warner Bros, releases statement backing out of negotiations

Paramount Skydance and Netflix have been in a bidding war for Warner Bros. Discovery and now Netflix has lost that war, saying that the latest offer made by their rival was a "superior proposal." Paramount, headed by David Ellison, will acquire the entire company whereas Netflix was only seeking streaming, HBO, and their film studio.

"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid," said Netflix CEO Greg Peters in a statement.

"Warner Bros. is a world-class organization, and we want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for running a fair and rigorous process. 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.  But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price," the statement continued.
 

"Netflix's business is healthy, strong and growing organically, powered by our slate and best-in-class streaming service. This year, we'll invest approximately $20 billion in quality films and series and will expand our entertainment offering. Consistent with our capital allocation policy, we'll also resume our share repurchase program.

"We will continue to do what we've done for more than 20 years as a public company: delight our members, profitably grow our business, and drive long-term shareholder value," Peters concluded.