Streaming service Netflix announced Thursday that it will not increase its acquisition bid for Warner Bros Discovery following the media company’s board decision to favor a competing offer.
The board of Warner Bros Discovery, which owns HBO Max, has classified the most recent proposal from Paramount Skydance as a “Superior Proposal” when compared to the existing merger agreement with the streaming giant.
This development marks a significant shift in the ongoing bidding war for the major media conglomerate, as Netflix steps back from escalating its financial commitment in the face of increased competition.
