Netflix Backs Out Of Warner Bros Deal, Making Way For Paramount

Paramount is likely to secure European Union antitrust clearance easily, with any required divestments likely to be minor, Reuters reported on Friday, citing sources.

Bruce Campbell, chief revenue and strategy officer at Warner Bros told staff during the town hall that an agreement had been signed with Paramount Skydance.

“Netflix had the legal right to match the PSKY offer. As you all know, they ultimately decided not to do that. That then resulted in a signed agreement with PSKY as of this morning. So that's where everything stands,” he was quoted as saying by news agency Reuters.