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Netflix shares surged nearly 14% on Friday after the streaming giant confirmed it would not raise its bid for Warner Bros Discovery, stepping away from a high-profile bidding war with Paramount Skydance. Investors welcomed the move, viewing it as a disciplined financial decision that allows Netflix to refocus on its core streaming business.
Paramount announced it will acquire Warner Bros in a $110 billion deal, including debt, with the transaction expected to close in the third quarter of 2026. As part of the agreement, Paramount paid a $2.80 billion termination fee owed by Warner Bros to Netflix, according to a regulatory filing. Netflix declined to match Paramount’s final offer of $31 per share, holding firm at $27.75 per share for Warner Bros’ studio and streaming assets, stating the acquisition was “no longer financially attractive.”
The market reacted positively. Netflix stock had fallen more than 18% since the company revealed its interest in Warner Bros in early December. Analysts say the withdrawal demonstrates strong capital discipline at a time when media mergers carry significant financial and regulatory risks.
Meanwhile, Paramount shares jumped nearly 21% following news of the acquisition. The deal values Warner Bros at approximately 13 times its projected EBITDA for the year, significantly higher than Paramount’s own valuation of roughly seven times earnings. Backed by billionaire Larry Ellison and led by CEO David Ellison, the consortium increased its termination fee to $7 billion and secured $45.7 billion in equity financing.
The merger would give Paramount access to Warner Bros’ valuable intellectual property portfolio, including major franchises such as “The Matrix” and “Fantastic Beasts,” strengthening its streaming position against competitors like Netflix, Disney, and Amazon. However, analysts caution that Paramount now faces pressure to justify the hefty price tag and manage the substantial debt tied to the acquisition.
