Netflix drops bid for Warner Bros, clearing way for Paramount takeover

Netflix has declined to raise its proposal to buy Warner Bros Discovery after the Hollywood studio giant deemed Paramount Skydance's rival offer "superior", clearing the path for Paramount to win the takeover battle.

Warner Bros, which put itself up for sale last year, on Thursday said Paramount's latest bid was superior to Netflix's offer.

"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," Netflix co-chief executives Ted Sarandos and Greg Peters said.

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