Paramount Skydance has effectively won the bidding war for Warner Bros. Discovery. Netflix withdrew from the contest after declining to raise its offer. The company stated that matching the latest proposal was no longer financially attractive.
Netflix shares rose significantly in after-hours trading as investors signaled relief. Paramount shares remained relatively unchanged following the news.
The Warner Bros. board previously identified the Paramount offer as potentially superior. Finalization requires the board to formally terminate the Netflix agreement and approve the merger.