This week, Paramount Skydance raised its bid for Warner Bros. Discovery from $30 to $31 per share.
Warner Bros. Discovery's owners had already accepted a bid from Netflix for the film division and parts of the television business for $27.75 per share. But on Thursday, Warner Bros. Discovery's board said the new offer from Paramount Skydance is better, CNBC reports.
Netflix had four business days to match the bid, but said it would not match Paramount Skydance's bid, saying the deal is "no longer financially attractive," it wrote in a statement.
The bid from Paramount Skydance includes all of Warner Bros. Discovery's operations, including television channels and streaming services such as CNN, TNT and HBO.
