Warner Bros. Discovery Board Chooses Paramount’s Bid Over Netflix’s $82.7B Offer Following $40.4B Guarantee
Netflix withdrew its $82.7B takeover bid after Warner Bros. Discovery’s board deemed Paramount Skydance’s revised proposal superior, backed by Larry Ellison’s $40.4B personal guarantee. Senator Elizabeth Warren accused the administration of pressuring Netflix’s CEO in White House meetings to favor the Ellison family, calling it crony capitalism.
1. Bidding War Conclusion
Netflix withdrew its $82.7B offer after Warner Bros. Discovery’s board deemed Paramount Skydance’s revised proposal superior, backed by Oracle co-founder Larry Ellison’s $40.4B personal guarantee, ending the $108B media acquisition battle.
2. Political Interference Allegations
Senator Elizabeth Warren accused the administration of pressuring Netflix’s leadership during White House meetings and seeking board changes to benefit the Ellison family, describing the process as crony capitalism.
3. Market Reaction and Outlook
Warner Bros. Discovery shares surged 8.46% in after-hours trading on Netflix’s announcement, while the successful Paramount bid and political scrutiny may prompt intensified regulatory reviews and reshape competitive dynamics in the streaming sector.