Brief by Shorts91 Newsdesk / 03:05am on 27 Feb 2026,Friday Entertainment
Netflix has officially withdrawn from its bid to acquire Warner Bros. Discovery’s studio and streaming assets, saying it will not raise its offer to match a higher bid from Paramount Skydance. Netflix co-CEOs Ted Sarandos and Greg Peters said the deal was “no longer financially attractive” at the price needed to compete. Warner’s board deemed Paramount’s offer — about $31 per share in cash — a superior proposal, allowing Paramount to potentially take control of Warner’s assets including HBO and CNN. Netflix’s shares rose on the news, while Paramount’s bid now leads the acquisition battle. (PC: X)
