Netflix says it will not upgrade its offer to acquire Warner Bros. after Warner Bros. Discovery's board determined that the Paramount Skydance offer is superior to its agreed-upon transaction with the streaming giant.

Speaking at the UBS Global TMT Conference shortly after Paramount’s all-cash rival offer, Netflix Co-CEOs Greg Peters and Ted Sarandos laid out the rationale for the game-changing deal to acquire Warner Bros.

Netflix will acquire Warner Bros. following its separation from Discovery Global for $82.7 billion.