Paramount Skydance has emerged victorious in the high-stakes contest to acquire Warner Bros Discovery, after Netflix declined to raise its offer and formally walked away from the deal.
The decision triggered a sharp rally in Netflix’s stock, with shares jumping more than 10% as investors welcomed the company’s renewed capital discipline.
In a statement on Thursday, Netflix said it would not match Paramount Skydance’s revised $31-per-share offer, citing valuation concerns.
