00:00Netflix has declined to raise its offer for Warner Bros. Discovery after the company's board determined that a revised bid
00:06from Paramount is a, quote, superior proposal, triggering a contractual window for Netflix to respond, but ultimately prompting the streaming
00:15giant to bow out.
00:16Paramount's all-cash offer of $31 per share, plus protections like a large regulatory termination fee and quarterly ticking fees,
00:25is seen as more valuable and certain than Netflix's previous deal.
00:28Warner Bros. Discovery had earlier agreed to a merger with Netflix worth about $82.7 billion, but the board's recent
00:37decision gives Paramount the upper hand.
00:39With Netflix now standing down rather than matching the new terms, Paramount is poised to win ownership of the iconic
00:46studio and streaming giant.
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