Netflix isn’t buying Warner Bros: all of the latest updates

Just months after Netflix struck a deal to acquire the Warner Bros. studio, HBO, HBO Max, and Warner Games, the streaming giant has backed out of the arrangement, declining to raise its offer beyond Paramount’s “best and final” bid.

It’s just the latest twist in the acquisition saga, which started with a bidding war that reportedly also involved Apple, Amazon, and Comcast. Once Netflix and Warner Bros. came to an agreement on December 5th, Paramount tried to force its way into the deal, announcing a hostile bid worth $108.4 billion in cash. Unlike Netflix’s deal, Paramount’s includes an acquisition of all of Warner Bros. Discovery, including its cable networks.

But after several rejections, Paramount persistently upped its bid. It eventually came back with an all-cash offer at $31 per share and promised to cover the $7 billion regulatory termination fee if its deal with WBD doesn’t close, along with the $2.87 billion termination fee it must pay Netflix for abandoning its deal. Warner Bros. Discovery determined that the deal is “superior,” leading Netflix to walk away, saying it’s “no longer financially attractive.”

There are already questions about where the deal will go from here, and concerns from regulators about the proposed acquisition. You can follow along below for all of the latest updates as they come in.

• Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer
• Warner Bros. says Paramount’s latest offer is superior to its current deal with Netflix.
• Paramount CEO David Ellison is Sen. Lindsey Graham’s guest at the State of the Union.
• Warner Bros. says Paramount Skydance’s new bid might become better than Netflix’s.
• Ted Sarandos: “This is a business deal, it’s not a political deal.”
• DOJ reportedly begins antitrust investigation into Netflix’s merger with Warner Bros.
• Trump says Netflix will ‘pay the consequences’ if it doesn’t fire Susan Rice
• Warner Bros. Discovery gives Paramount one week to present its ‘best and final’ offer
• Paramount ups its offer for Warner Bros. Discovery, again.
• Republicans attack ‘woke’ Netflix — and ignore YouTube
• Republicans haul Netflix before Congress for being too ‘woke’
• What Netflix’s Warner Bros. deal could mean for TVs and remotes
• Netflix is eating Hollywood — because it has to
• Netflix revises Warner Bros. bid to an all-cash offer
• Netflix is reportedly considering an all-cash offer for Warner Bros.
• Paramount sues after Warner Bros. Discovery rejects its latest deal
• Warner Bros. Discovery has rejected yet another Paramount bid.
• WBD has received Paramount’s amended offer.
• An update: Larry Ellison will guarantee his big boy’s offer.
• Netflix is “100% committed” to releasing WB films in theaters.
• Warner Bros. Discovery wants its shareholders to reject Paramount’s latest offer
• Even Jared Kushner thinks the Paramount WB bid sucks.
• Larry Ellison’s big dumb gift to his large adult son
• The art of the deal.
• David Ellison pitches Paramount’s $108 billion hostile bid for WBD as “pro consumer.”
• Paramount launches a hostile $108 billion bid to snatch Warner from Netflix
• Trump isn’t sold on the Netflix-Warner Bros. deal.
• Netflix CEO made a visit to the White House before buying Warner Bros.
• Welcome to the big leagues, Netflix
• Netflix’s leadership thinks the Warner Bros. deal won’t be like other big media mergers.
• Netflix is “highly confident” about the regulatory process for the deal.
• The Writers Guild of America published a statement on the deal.
• Netflix on its plans for WB’s theatrical slate:
• THR published WBD CEO David Zaslav’s memo to staff about the Netflix acquisition.
• Netflix’s Warner Bros. deal includes Warner Bros. Games.
• Netflix is buying Warner Bros. for $83 billion
• Netflix is reportedly looking into a bid for Warner Bros. Discovery
• Warner Bros. mergers never work, but they’re trying again anyway
• Netflix, Amazon, and Apple are reportedly interested in buying Warner Bros.
• Warner Bros. Discovery is ready for a sale