The move was a stunning development in the long-running corporate battle for the storied media giant.
Netflix said that it would not raise its offer to counter a higher bid made earlier this week by Mr. Ellison’s company, Paramount Skydance, adding in a statement that “the deal is no longer financially attractive.”
“This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” the Netflix co-chief executives, Ted Sarandos and Greg Peters, said in a statement.
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