Why Warner Bros. Discovery Chose Netflix — Despite a Richer Bid from Paramount

After weeks of behind-the-scenes maneuvering, Warner Bros. Discovery has stood firm: its flagship studio and premium television assets will be sold to Netflix, not to the highest bidder.

The decision shuts the door on a last-minute counteroffer from Paramount Global that, on paper, looked significantly more generous.

Paramount valued the transaction at around $108bn, compared with Net…