https://www.bbc.co.uk/news/articles/c5y6p5ypgmzo
Until recently, Warner’s board was recommending the Netflix bid and telling shareholders not to go for Paramount. But Paramount has increased its offer and Netflix then declined to increase its own.
The Netflix deal would have transferred parts of Warner’s IP to Netflix. The Paramount deal is to buy the entire company lock stock and barrel. So if you’ve been missing Friends, it’s not going to reappear on Netflix now, and you’ll probably have to get a P+ sub, though with what Paramount is paying for this, the chances of them piling everything into their current subscriber offer without trying to claw it back with bolt-on subs or all-round increases has got to be slim.