The streaming giant Netflix will be backing out of its deal with Warner Bros. Discovery in the wake of the studio’s board deeming Paramount’s improved offer superior.
Netflix co-CEOs Ted Sarandos and Greg Peters announced in a statement on Thursday that Paramount’s improved offer made the bid for Warner Bros. “no longer financially attractive,” adding that it “was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

