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Paramount Skydance Wins Bidding War for Warner Bros Discovery. Paramount Skydance has emerged victorious in the battle to acquire Warner Bros Discovery after Netflix declined to raise its offer. Netflix said matching Paramount’s latest $31-per-share bid no longer made financial sense, walking away from the deal. Warner’s board is now expected to move forward with Paramount’s proposal. CEO David Zaslav called the merger a move that would create “tremendous value” for shareholders. The combined company would unite major studios, streaming platforms HBO Max and Paramount+, and news brands including CNN and CBS. The bid is backed by billionaire Larry Ellison, whose family controls Paramount Skydance. Still, the deal faces regulatory scrutiny in Washington, California, and Europe, as lawmakers warn of potential antitrust concerns. For now, Netflix exits — and Paramount takes the prize.
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