Netflix declines to match Paramount's $31 bid and exits Warner Bros. Discovery

Netflix said it would not match Paramount Skydance's $31-per-share offer for Warner Bros. Discovery after WBD's board judged the Paramount bid superior. Netflix had offered $27.75 per share, and its co-CEOs said the deal was no longer financially attractive at the matching price. Netflix said it expects to invest about $20B in films and series this year and will resume buybacks.

• Paramount Skydance bid $31 per share; Netflix had offered $27.75 per share
• Co-CEOs: the deal was a "nice to have" at the right price, not a "must have" at any price
• Netflix plans about $20B of content investment in 2026
• Netflix said it would resume its share repurchase program