In a statement, Netflix said that "at the current price required to match Paramount Skydance's latest offer, the deal has lost its financial attractiveness." Company representatives characterized the proposed deal as "a nice bonus," but not "a mandatory purchase."
After the announcement of the cessation of the fight for Warner Bros., Netflix's shares increased by 8%, according to Bloomberg.
Background
For the past several months, Paramount and Netflix have been competing for Warner Bros. assets. On December 5, 2025, Netflix announced its intention to acquire the film company Warner Bros. and the streaming service HBO Max for $82.7 billion (at $27.75 per share). In response, Paramount initially offered to buy all of Warner Bros., including channels such as CNN, TNT Sports, and Discovery, for $108 billion ($30 per share), and then raised the bid to $31 per share. Additionally, Paramount Skydance agreed to cover a $2.8 billion penalty that Warner Bros. would have to pay Netflix in the event of canceling the previous agreement.
