February 27, New Delhi – Paramount Skydance was on the verge of taking control of Warner Brothers Discovery after Netflix announced that it would not raise its takeover offer, effectively ending one of the biggest media bidding wars in a generation.
The deal would place a vast portfolio, including CNN, Nickelodeon, and HBO, under the control of the family led by Larry Ellison, a longtime ally of U.S. President Trump.
Netflix stated that matching Paramount's sweetened offer of $31 per share was no longer financially attractive.
Without a counter-offer, Warner Brothers Discovery can now terminate its agreement with Netflix and proceed with Paramount's bid, which also includes financing commitments and a regulatory termination fee.