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Though WBD initially signed onto an $83 billion agreement to merge part of Warner Bros. with Netflix, Paramount persisted with a hostile takeover bid, followed by a series of offers. That persistence paid off, as WBD determined that Paramount's "best and final" offer is "superior" to Netflix's deal. On Thursday, Netflix declined to match Paramount's bid, calling it "no longer fina …
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Ultimately, Netflix and Paramount were vying for different parts of Warner Bros. Disocvery. Netflix was primarily interested in Warner Bros. proper, while Paramount Skydance wanted the whole company, cable networks and all. Either deal would need to be approved by regulators, which is the hurdle Paramount and Warner Bros. Discovery face now. The general assumption has been that the close relationship Paramount CEO David Ellison and his billionaire father Larry Ellison have with the Trump administration would smooth over any issues, but the deal will receive scrutiny abroad and likely also at the state level, based on a recent post from California Attorney General Rob Bonta.