NETFLIX DITCHES DEAL FOR WARNER BROS. DISCOVERY AFTER PARAMOUNT'S OFFER IS DEEMED SUPERIOR

Summary from the TLDR newsletter

Netflix is walking away from a deal to buy Warner Bros. Discovery's (WBD) studio and streaming assets as its board deemed on Thursday that a revised bid by Paramount is a superior offer. Paramount raised its bid earlier this week to $31 per share in cash. Netflix had granted WBD a seven-day waiver to re-engage with Paramount last week. Paramount's offer is for the entirety of the company.