Netflix has walked away from its bid to buy Warner Bros. studio and streaming arm, clearing the path for Paramount to pursue a full takeover.
Warner’s board had signaled a superior offer from Paramount, at about $111 billion including debt, and gave Netflix four days to respond.
Netflix declined to raise its bid, calling the price no longer attractive.
If Paramount’s bid wins regulatory and shareholder approval, HBO Max, CNN, and Warner’s catalog could join Paramount’s lineup, reshaping Hollywood.
The deal faces antitrust scrutiny and potential political pushback, with Warner insiders signaling optimism about a combined future.