Netflix Bows Out of Warner Bros Bidding War

Netflix has decided not to increase its offer for Warner Bros Discovery after Warner Bros deemed Paramount Skydance's proposal superior. This decision led to a 10% increase in Netflix's shares in extended trading. Netflix stated that matching the new offer was not financially attractive.

Netflix announced on Thursday that it will not raise its bid for Warner Bros Discovery. The Hollywood studio has considered Paramount Skydance's updated $31-a-share offer superior to Netflix's proposal.

Following this announcement, Netflix's shares surged 10% in extended trading.

In a statement, Netflix reiterated its disciplined approach, stating, "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."

(With inputs from agencies.)