00:00Netflix has dropped out of the fight to buy Warner Brothers. That leaves Paramount the winner in the
00:04bidding war. The streaming giant said the price required to rival Paramount's latest offer made
00:09the deal no longer financially attractive, so it declined to match the bid. Back in December,
00:15Netflix inked an $82.7 billion deal, including assumed debt, to acquire the studio and streaming
00:22businesses of Warner Brothers. But repeated counter offers from Paramount to buy the entire
00:27company opened up the bidding process again. Warner Brothers then deemed Paramount's latest $31 a
00:33share offer superior this week. And though there are no clear political links yet, Netflix co-CEO
00:39Ted Sarandos was seen at the White House before the decision. Then you have Paramount CEO David
00:44Ellison, who was a guest at Donald Trump's State of the Union address earlier this week. Back on the
00:50business side of things, Netflix shares jumped as much as 13% in late trade, signaling that investors
00:56were happy to see the company walk away. Warner Brothers fell, with traders no longer anticipating
01:01a bidding war. And Paramount's stock was unchanged.
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