Netflix walks away from Warner Bros. Discovery studio
NEW YORK — Netflix is walking away from its offer to buy Warner Bros. Discovery’s studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over its storied Hollywood rival. On Thursday, after Warner’s board announced that Skydance-owned Paramount’s latest offer to buy the entire company for $31 per share was superior to the agreement it had previously struck with Netflix, the streaming giant quickly announced that it was declining to raise its proposal. It said the new price it would have to pay to acquire Warner would make the ...