Netflix has officially withdrawn its $83 billion bid to acquire Warner Bros. Discovery. Although the streaming giant initially outpaced competitors in December, the deal has now collapsed. The decision follows increased pressure from Paramount Skydance, which continued refining its competing proposal.
Warner Bros. Discovery informed Netflix that its board classified Paramount Skydance’s revised offer as a “Superior Proposal.” Consequently, Netflix reassessed the transaction and declined to increase its offer. The company confirmed it would not match the latest bid. As a result, its plan to acquire HBO and the Warner Bros. studio has ended.
Netflix co-CEOs Ted Sarandos and Greg Peters addressed the development in a joint statement. They emphasized financial discipline and long-term shareholder value. Although the original agreement offered a clear regulatory pathway, the revised price made the acquisition unattractive.
Furthermore, leadership described Warner Bros. Discovery as a strategic opportunity at the right valuation. However, they clarified it was never a must-have asset at any cost. Therefore, stepping back aligned with the company’s disciplined growth strategy.
With Netflix exiting the race, attention now shifts fully to Paramount Skydance. Instead of a tech-driven streaming platform acquiring a legacy studio, the potential outcome now centers on consolidation between traditional media giants. This shift could reshape competitive dynamics across film and television.
Meanwhile, Netflix and Apple unveiled a separate content partnership involving Formula 1. The upcoming season of Drive to Survive will stream on Apple TV in the United States. In addition, the next Canadian Grand Prix will air on both Apple TV and Netflix.
Apple TV now serves as the primary streaming destination for Formula 1 this season. Consequently, viewers will experience expanded digital access across platforms.
Although Netflix’s acquisition ambitions have concluded, the broader media battle continues. Streaming services and established studios remain locked in intense competition. Ultimately, strategic pricing and disciplined investment will shape the next wave of industry-defining deals.