Netflix withdraws from bidding, Paramount emerges as a strong competitor to acquire Warner Bros. Discovery.

On February 26th, local time, a major turning point occurred in the Hollywood media industry's merger and acquisition battle. The American streaming giant Netflix officially announced that it would refuse to raise its acquisition offer for Warner Bros. Discovery, signaling its formal exit from the bidding war. The previously underestimated Paramount Pictures emerged as the strongest competitor by raising its bid. On the same day, Netflix co-CEOs Ted Sarandos and Greg Peters stated, "The deal we had negotiated could have created shareholder value and had a clear path to regulatory approval. However, in order to match Paramount's latest offer, the deal would no longer be financially attractive, so we refuse to counter their bid."