Photo credit: Netflix

Streaming giant Netflix, Inc. has decided not to sweeten its offer for Warner Bros. Discovery, effectively stepping aside after the studio’s board tagged a rival bid from Paramount Skydance as the better deal.

In a statement released February 26, co-CEOs Ted Sarandos and Greg Peters said Netflix had negotiated a transaction that would have delivered shareholder value and had a clear path to regulatory approval. But matching Paramount Skydance’s latest offer, they said, would no longer make financial sense.

The message was clear: the deal was attractive at the right price — not at any price.

Netflix also thanked WBD executives, including CEO David Zaslav, for what it described as a fair and rigorous process. The streaming company maintained it would have been a strong steward of Warner Bros.’ iconic brands and could have supported more U.S. production jobs — but discipline came first.

Instead of chasing a higher bid, Netflix is doubling down on its core business. The company says it remains financially strong and plans to invest around $20 billion this year in films and series, while expanding its entertainment offerings. It also confirmed it will resume its share repurchase program.

For now, Netflix is sticking to what it says has worked for more than two decades: grow organically, serve members worldwide, and focus on long-term shareholder value — with or without Warner Bros. in the picture.