Netflix has withdrawn its offer to acquire Warner Bros Discovery's streaming and studio assets after Paramount Skydance increased its bid to 31 dollars per share. Netflix said matching the revised proposal would not be financially attractive and declined to raise its offer.

Warner Bros Discovery determined that Paramount's new bid was superior to Netflix's earlier agreement, which had been valued at 27.75 dollars per share. Netflix had previously allowed the company a seven day period to solicit a best and final offer from Paramount.

Paramount strengthened its proposal by increasing its termination fee to 7 billion dollars if regulatory approval is not secured and boosting committed financing. The Ellison Trust expanded its equity commitment, while major financial institutions raised their debt financing support. Shares of Netflix rose about 10 percent in extended trading following the announcement.