Netflix Co-CEO Ted Sarandos explained that his company dropped out of the bidding for Warner Bros. Discovery due to “strategic uncertainty”. Despite agreeing on the acquisition in December and appearing at several high-profile events, including a meeting with President Biden, Netflix pulled out of the deal on February 26.
Source: https://www.bloomberg.com/news/articles/2026-03-01/netflix-s-co-ceo-explains-why-he-quit-the-warner-bros-fight