<p>The saga of Netflix and Warner Bros. appears to be ending.</p>
<p><span class="article-contentstyles__ArticleQuoteText-pei0rm-9 eBrxqM">Netflix, Inc. announced that it has declined to raise its offer to buy Warner Bros. Netflix had earlier received notice from Warner Bros. Discovery (WBD) that its Board of Directors has determined Paramount Skydance’s (PSKY) latest proposal constitutes a “Superior Proposal” under the terms of WBD’s existing merger agreement with Netflix.</span></p>
<p>Paramount Skydance upped its offer to buy Warner Bros. for $31 per share in cash. Netflix refused to increase its own offer and will receive a $2.8 billion termination fee from Paramount. Netflix shares soared 13.7% Friday on news of the withdrawal.</p>
<p><span class="article-contentstyles__ArticleQuoteText-pei0rm-9 eBrxqM">Netflix issued the following statement in response from co-CEOs Ted Sarandos and Greg Peters: </span></p>
<p><span class="article-contentstyles__ArticleQuoteText-pei0rm-9 eBrxqM">The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and 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. </span></p>
<p><span class="article-contentstyles__ArticleQuoteText-pei0rm-9 eBrxqM">Warner Bros. is a world-class organization, and we want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for running a fair and rigorous process. We believe we would have been strong stewards of Warner Bros.’ iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the U.S. But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.</span></p>
<p><span class="article-contentstyles__ArticleQuoteText-pei0rm-9 eBrxqM">Netflix’s business is healthy, strong and growing organically, powered by our slate and best-in-class streaming service. This year, we’ll invest approximately $20 billion in quality films and series and will expand our entertainment offering. Consistent with our capital allocation policy, we’ll also resume our share repurchase program.</span></p>

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