Netflix withdrew from bidding for Warner Bros. Discovery, clearing the way for Paramount-Skydance to acquire the struggling media company, pending regulatory approval. The merger would combine two legacy media firms facing declining revenue and losses by uniting their streaming services—potentially merging HBO Max into Paramount+—while maintaining profitable cable networks including CNN, HBO, and Discovery+.
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Netflix withdrew from bidding for Warner Bros. Discovery, clearing the way for Paramount-Skydance to acquire the struggling media company, pending regulatory approval. The merger would combine two legacy media firms facing declining revenue and losses by uniting their streaming services—potentially merging HBO Max into Paramount+—while maintaining profitable cable networks including CNN, HBO, and Discovery+.