The New York Times:
Netflix said on Thursday that it had backed away from its deal to
acquire Warner Bros. Discovery, a stunning development that paves
the way for the storied Hollywood media giant to end up under the
control of a rival bidder, the technology heir David Ellison.Netflix said that it would not raise its offer to counter a higher
bid made earlier this week by Mr. Ellison’s company, Paramount
Skydance, adding in a statement that “the deal is no longer
financially attractive.”“This transaction was always a ‘nice to have’ at the right price,
not a ‘must have’ at any price,” the Netflix co-chief executives,
Ted Sarandos and Greg Peters, said in a statement.
Netflix’s stock is up 9 percent in after-hours trading. This is like when you have a friend dating a good-looking-but-crazy person, and the good-looking-but-crazy person does something to give your friend second thoughts. You tell your friend to run away.
