Netflix Backs Out of Warner Bros. Bidding, Paramount Set to Win

3 hours ago

Netflix declines to raise its bid for Warner Bros., making Paramount the likely winner.
Netflix co-CEOs state the deal is 'no longer financially attractive' and was a 'nice to have' at the right price.
Paramount's latest bid of $31 per share includes additional incentives like a ticking fee and regulatory termination provisions.
Netflix will receive a $2.8 billion termination fee from Warner Bros. for exiting the merger agreement.
Netflix shares surged over 10% in after-hours trading following the announcement.
Netflix plans to invest $20 billion in content this year and resume its share repurchase program.

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