US Stocks Move: Netflix Surges Over 11%, Withdraws from Bidding for Warner Bros.

Gelonghui, February 27th｜Netflix (NFLX.US) surged over 11% to $94.43, marking its largest gain since January 2025. According to reports, Netflix has withdrawn from the bidding war to acquire Warner Bros. Discovery, paving the way for rival Paramount SkyDance to finalize the $111 billions deal. In a statement, Netflix said: "The deal we previously negotiated could have created shareholder value and had a clear path to regulatory approval. However, we have always maintained discipline. At the price required to match Paramount SkyDance's latest offer, the deal is no longer financially attractive, so we declined to follow Paramount SkyDance's bid." Paramount's latest offer is $31 per share, which also includes Warner Bros.'s cable networks such as CNN and TNT. Paramount also promised to provide Warner Bros. with $2.8 billions to pay the termination fee owed to Netflix.