The tide has seemingly turned on one of the biggest Hollywood deals in recent memory. While Netflix had been positioned as the most likely company to take over Warner Bros., the persistence of Paramount has apparently paid off.
On the heels of Paramount submitting a higher bid—one that the Warner Bros. Discovery board deemed a “superior proposal” earlier today—Netflix has responded by announcing it will not be raising its own offer.
Netflix released a statement on its website, explaining the decision.
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