Netflix has pulled out of buying Warner Bros Discovery after refusing to raise its original $82.7 billion bid late last year. They were forced to raise their bid after Paramount increased its offer a few weeks ago in a last-ditch effort to block the Netflix purchase.
With the pullout, Paramount appears set to secure a much higher valuation of Warner Bros Discovery for a much higher $108.4 billion. Paramount previously sued WBD and Netflix after their bids were rejected.
Although President Trump initially said he would not intervene, he earlier this week ordered Netflix to remove one of its anti-Trump directors. If it doesn't, Trump has signaled that the WBD purchase will be blocked. Paramount is owned by strong Trump supporter Larry Ellison, who is also the founder of Oracle and a 15% shareholder in TikTok USDS Joint Venture LLC.
