Netflix has dropped out of the fight to buy Warner Bros. Discovery, clearing the way for rival bidder Paramount Skydance to clinch its $111 billion deal for the historic Hollywood studio.
The streaming industry leader said that while it believed its deal would have passed muster with regulators and created shareholder value, it didn¡¯t want to keep bidding.
¡°We¡¯ve always been disciplined, and at the price required to match Paramount Skydance¡¯s latest offer, the deal is no longer financially attractive,¡± Netflix said Thursday in a statement. Instead, it will keep investing in its business, including about $20 billion this year on films, TV shows and other entertainment offerings.
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