Warner Bros. Photo / Robyn Beck, AFPNetflix has said it would not raise its takeover offer for Warner Bros. Discovery, effectively ceding the media giant to a rival bid from Paramount Skydance after deciding the deal was no longer financially attractive. Without a Netflix counteroffer, the Warner Bros. Discovery board is now free to terminate its agreement with the streaming giant and proceed with Paramount.

Source: New Zealand Herald February 27, 2026 03:56 UTC