Netflix has decided not to pursue its offer to buy Warner Bros. Discovery’s studio and streaming business, a surprising move that opens the door for Paramount to potentially acquire its Hollywood rival.
On February 26, Warner's board revealed that Paramount's latest bid of US$31 per share was better than Netflix's previous agreement. Warner gave Netflix four business days to make a counteroffer, but Netflix responded in less than two hours with a decision not to increase its offer, stating that the deal was "no longer financially attractive” at the new price.
In a joint statement, Netflix’s co-CEOs, Ted Sarandos and Greg Peters, said, “We believe we would have been strong stewards of Warner Bros.' iconic brands. However, this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”
As Netflix steps back, the future of the studio that has been a cornerstone of Hollywood for decades remains uncertain. From classic films to today’s hit shows, it’s hard to imagine Hollywood without Warner Bros. Founded in 1923, this iconic studio has shaped cinema history, yet the story of the company itself remains surprisingly hidden. How well do you really know the rags-to-riches tale behind Warner Bros.?
Click through to discover the fascinating, little-known facts about the studio that changed Hollywood forever.