Streaming giant Netflix announced Thursday it will not increase its acquisition offer for Warner Bros Discovery. The decision comes after Warner Bros' board labeled a competing proposal from Paramount Skydance as superior to Netflix's current merger deal.

Streaming service Netflix announced Thursday that it will not increase its acquisition bid for Warner Bros Discovery following the media company’s board decision to favor a competing offer.
The board of Warner Bros Discovery, which owns HBO Max, has classified the most recent proposal from Paramount Skydance as a “Superior Proposal” when compared to the existing merger agreement with the streaming giant.
This development marks a significant shift in the ongoing bidding war for the major media conglomerate, as Netflix steps back from escalating its financial commitment in the face of increased competition.
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