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Netflix has walked away from its planned takeover of Warner Bros<\/a> Discovery, declining to raise its offer for the media conglomerate\u2019s storied Hollywood studios and streaming business after it determined a sweetened rival offer from Paramount Skydance to be \u201csuperior\u201d.<\/p>\n In a statement on Thursday evening, Netflix<\/a> co-chief executives Ted Sarandos and Greg Peters said that \u201cat the price required to match Paramount Skydance\u2019s latest offer, the deal is no longer financially attractive\u201d.<\/p>\n In its revised offer, Paramount offered $31 per share for the company, up from $30, a $7bn regulatory termination fee if the merger is not improved, and a \u201cticking fee\u201d amounting to about $650m in cash each quarter beginning after September.<\/p>\n Netflix was given four business days to beat Paramount\u2019s revised offer \u2013 but quickly decided against doing so.<\/p>\n \u201cWe believe we would have been strong stewards of Warner Bros\u2019 iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US,\u201d Sarandos and Peters said in their statement.<\/p>\n \u201cBut this transaction was always a \u2018nice to have\u2019 at the right price, not a \u2018must have\u2019 at any price.\u201d<\/p>\n Netflix\u2019s unwillingness to revise its offer $82.7bn offer for the studio and streaming assets of WBD means that the Ellison family are now expected to acquire the entirety of the company, including the cable news network CNN.<\/p>\n David Ellison, the chief executive of Paramount, had released a statement earlier on Thursday saying the company was \u201cpleased WBD\u2019s board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing\u201d.<\/p>\n WBD had announced a 20 March special meeting for shareholders to vote on the Netflix merger.<\/p>\n