UPDATE—6 p.m. ET: Netflix is out.

Following Warner Bros. Discovery’s choice to name Paramount’s new merger bid “superior” to Netflix’s deal, the streamer has introduced it’s not going to up its provide.

In a statement, Netflix co-CEOs Ted Sarandos and Greg Peters stated that “the deal is not financially enticing, so we’re declining to match the Paramount Skydance bid.”

The pair thanked WBD for “working a good and rigorous course of” however added that the “transaction was at all times a ‘good to have’ on the proper value, not a ‘will need to have’ at any value.”

Netflix’s stock rose around 10% after information broke that it declined the deal.

With that, WBD is ready to proceed with Paramount’s new bid for its streaming and studio belongings, which incorporates an all-cash provide of $31 per share.

See the complete assertion from Netflix’s co-CEOs here:

The transaction we negotiated would have created shareholder worth with a transparent path to regulatory approval. Nevertheless, we’ve at all times been disciplined, and on the value required to match Paramount Skydance’s newest provide, the deal is not financially enticing, so we’re declining to match the Paramount Skydance bid.

Warner Bros. is a world-class group, and we wish to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for working a good and rigorous course of. We consider we’d have been sturdy stewards of Warner Bros.’ iconic manufacturers, and that our deal would have strengthened the leisure trade and preserved and created extra manufacturing jobs within the U.S. However this transaction was at all times a ‘good to have’ on the proper value, not a ‘will need to have’ at any value.

Netflix’s enterprise is wholesome, sturdy and rising organically, powered by our slate and best-in-class streaming service. This 12 months, we’ll make investments roughly $20 billion in high quality movies and sequence and can develop our leisure providing. In line with our capital allocation coverage, we’ll additionally resume our share repurchase program.

We’ll proceed to do what we’ve completed for greater than 20 years as a public firm: delight our members, profitably develop our enterprise, and drive long-term shareholder worth.