US Stock Market Move | Warner Bros. bidding war "dust settled" with Netflix (NFLX.US) up over 8% in pre-market trading, while Paramount Skydance (PSKY.US) rose nearly 4%.

On Friday, Netflix (NFLX.US) rose over 8% in pre-market trading, while Paramount Sky (PSKY.US) rose nearly 4%. On the news front, after Paramount Sky raised its bid to acquire Warner Brothers Discovery (WBD.US), Netflix announced that it was abandoning its bid to acquire Warner Brothers Discovery's film and TV studio as well as HBO Max streaming service, thus withdrawing from the bidding war. Earlier this week, Paramount Sky raised its bid to acquire all the shares of Warner Brothers Discovery from $30 per share to $31 per share, in an all-cash deal, which was higher than Netflix's offer of $27.75 per share. Additionally, Paramount Sky's latest bid also included a clause - if the proposed merger fails to obtain regulatory approval, the company will pay a $7 billion breakup fee. Paramount Sky also agreed to assume Warner Brothers Discovery's $2.8 billion breakup fee if the deal with Netflix does not go through. In a statement on Thursday, Netflix said, "The deal we had previously negotiated could have created shareholder value and had a clear path to regulatory approval. However, to match Paramount Sky's latest bid, the deal would no longer be financially attractive, so we have declined to counteroffer."