Paramount Sets Sights on Warner Bros. in Industry-Shaking Bid

Netflix backs out of acquiring Warner Bros. Discovery's studio and streaming business, opening the path for Paramount's potentially industry-altering acquisition. With a $111 billion offer on the table, the deal could unite major media properties under one roof, raising antitrust and political concerns.

In a startling twist in the world of Hollywood mergers, Netflix has withdrawn its proposal to acquire Warner Bros. Discovery's studio and streaming assets, paving the way for Paramount's ambitious acquisition. Paramount's offer, valued at $111 billion, stands ready to reshape the entertainment landscape.

While Netflix had initially been in negotiations to secure the storied Hollywood namesake, it declined to counter Paramount's proposal after deeming it financially untenable. "At the new price, the deal is no longer attractive," stated Netflix's co-CEOs, reflecting on the potential value they saw previously.

The prospective Paramount-Warner merger, which awaits shareholder and regulator approval, promises to consolidate major content from iconic titles like Harry Potter and Top Gun under one brand. However, it raises significant antitrust and political implications, a point underscored by critiques from figures like Democratic Sen. Elizabeth Warren.

(With inputs from agencies.)