HOLLYWOOD - Paramount emerged as the victor in the months-long battle for Warner Bros. Discovery after Netflix backed out of the bidding war on Thursday, leaving Paramount poised to acquire Warner’s vast media empire, including CNN.

Netflix said it has “declined to raise its offer for Warner Bros.” after the Warner Bros. Discovery board determined that Paramount has submitted a “superior” offer for the media giant, CNN reported.

“The deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,” the streamer said, suddenly ending the corporate tug-of-war.

Story Date: March 4, 2026