Netflix (NFLX) has reportedly declined to increase its offer for Warner Bros. Discovery (WBD), opting to exit the deal and collect a $2.8 billion termination fee. This follows a "superior proposal" from Paramount Skydance (PSKY) valuing WBD at $31.00 per share in cash. Shares of NFLX rose over 9% in after-hours trading following the news of the withdrawal.