Arabic version: فوز عرض باراماونت بعد انسحاب نتفليكس من استحواذ وارنر بروس

Netflix has backed away from its proposal to buy Warner Bros Discovery, clearing the way for Paramount Skydance to win a months-long battle for one of Hollywood’s most storied studios. Warner Bros, which put itself up for sale last year, on Thursday said Paramount’s latest bid was “superior” to the one from Netflix, which in turn refused to raise its offer.

According to BBC News, Netflix executives said they have declined to match Paramount Skydance’s bid as “the deal is no longer financially attractive” at that price. The executives emphasized that this acquisition was always considered a “nice to have” rather than a necessity.

Paramount had boosted its offer days ago, agreeing to increase its purchase proposal by $1 per share, positioning itself favorably in the competition. David Ellison, Paramount’s CEO, welcomed the Warner Bros board’s decision in favor of Paramount’s sweetened offer, stating that it offers Warner Bros shareholders “superior value, certainty and speed to closing.”

If Paramount’s deal is approved by regulators, the company would fold Warner Bros’ HBO Max streaming customers into its portfolio. It would also take ownership of CNN, the Food Network, and a range of sports offerings, significantly altering the media landscape in Hollywood.

The outcome of this bidding war has sparked discussions about the future of Warner Bros and its associated brands, with concerns about potential staffing cuts and the implications for CNN, which has faced scrutiny over its political coverage. As the situation develops, the ramifications of the Warner Bros sale are likely to reverberate throughout the industry.