So, Netflix (NFLX) decided it doesn't want to play the price-matching game. Shares of the streaming giant climbed in Thursday's extended trading after the company said it would not raise its offer to acquire Warner Bros. Discovery Inc. (WBD).

Here's the play-by-play.

Netflix Walks Away

In a statement released Thursday evening, Netflix officially decided to walk away from its bid for Warner Bros., choosing financial discipline over a bidding war.

This came after WBD's board officially labeled an offer from Paramount Skydance (PSKY) a "superior proposal." In response, Netflix co-CEOs Ted Sarandos and Greg Peters announced they would not match the higher price.

The company stated that while the original negotiated transaction would have created value, the cost to match the new Paramount Skydance offer was no longer "financially attractive."

The co-CEOs clarified that acquiring WBD was "nice to have" at a specific price point, but certainly not a "must have" for the company's future.

Netflix thanked WBD leadership for a "fair and rigorous process," acknowledging the strength of Warner Bros.' iconic brands even as it withdrew.

NFLX Price Action

Investors seemed to like the move. Netflix shares were up 9.62% at $92.69 in Thursday's extended session, according to market data.