The Digester

Netflix declined to raise its takeover offer, leaving Paramount Skydance's $31 per share bid as the superior proposal and freeing Warner Bros. Discovery's board to pursue a full-company merger.

Paramount Skydance offered $31 per share for Warner Bros. Discovery, topping Netflix's $27.75 per share agreement.
Netflix said Paramount's higher bid made matching the offer financially unattractive and declined to increase its price.
Warner's board can now terminate its agreement with Netflix and pursue the Paramount merger, which CEO David Zaslav said will create shareholder value.
Paramount's bid seeks to buy the entire company, including TV networks like CNN and CBS, unlike Netflix's focus on the studio and streaming assets.
A combined Paramount Skydance and Warner would merge major studios and streaming platforms HBO Max and Paramount+ under one owner.
Lawmakers and trade groups warn the deal could accelerate industry consolidation, cause job cuts, and reduce diversity in content.
Critics point to editorial shifts after the Skydance-Paramount merger and to the Ellison family's political connections as reasons for concern.

Paramount Skydance poised to win Warner Bros. after Netflix withdraws

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