In a one-two punch of centibillion-dollar offers, the bidding war for Warner Bros. Discovery is over. David Ellison-owned Paramount will acquire Warner Bros. Discovery. Netflix has lost.

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Paramount Skydance has won the bidding war for Warner Bros. Discovery after Netflix declined to raise its $82.7 billion all-cash offer. Warner Bros. Discovery's board declared Paramount's revised bid of $31 per share — valuing WBD at roughly $111 billion — a 'superior proposal,' triggering a four-day window for Netflix to counter. Netflix walked away, citing the deal no longer being financially attractive at the required price. WBD will pay Netflix a $2.8 billion termination fee, which Paramount's offer covers. The deal, backed by Larry Ellison's personal equity and a $57.5 billion debt commitment from Bank of America Merrill Lynch, Citi, and Apollo Global Management, gives Paramount ownership of WBD's studios, HBO, streaming service, games, and linear TV networks including CNN, TBS, and TNT. Ellison has previously signaled significant job cuts and his ownership of CBS has drawn controversy over editorial direction under conservative editor-in-chief Bari Weiss.

Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount

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