Daijiworld Media Network – New York

New York, Feb 28: Netflix has withdrawn from its proposed $83 billion agreement to acquire Warner Bros. Discovery after Paramount Skydance raised its rival offer to $31 per share, valuing Warner at approximately $111 billion including debt.

According to reports, Paramount Skydance pledged a $7 billion termination fee if regulators block the deal and also agreed to cover Warner’s $2.8 billion penalty owed to Netflix. Warner’s board subsequently declared the revised bid superior, paving the way for the new proposal to move forward.

If finalised, the merger would combine streaming platforms HBO Max and Paramount Plus, and bring major news networks CNN and CBS News under a single ownership structure.

The proposed transaction is expected to face significant antitrust scrutiny from US lawmakers and regulatory authorities, given its potential impact on competition in the streaming and media sectors.