Netflix has formally ended its pursuit of Warner Bros. Discovery (WBD), concluding a high-profile bidding war that has dominated industry speculation for months. The decision follows an internal board review, which confirmed that the company would not increase its offer to compete with rival bids.
The withdrawal occurred on Thursday afternoon, mere hours after Netflix co-CEO Ted Sarandos returned from a series of high-level meetings in Washington DC. Sarandos had been in the capital to discuss the proposed $82.7 billion (£61.3 billion) acquisition with administration officials, navigating the significant regulatory obstacles facing such a large-scale consolidation in the current media landscape.
