Paramount Skydance is set to win the months-long bidding war for Warner Bros. Discovery (WBD) after rival bidder Netflix declined to raise its offer. The WBD board determined that Paramount's revised $31-per-share proposal was superior to Netflix's existing agreement.
Netflix declined to submit a counter-offer during a four-day window. The company stated the deal was no longer financially attractive at the required price. This clears the path for Paramount Skydance to finalize the acquisition and unite major media assets, including two large streaming platforms.
Netflix shares jumped 10% in extended trading following the announcement. Paramount Skydance (PSKY) shares had already rallied over 10% during the previous trading day.