Paramount Skydance wins Warner Bros Discovery bid after Netflix walks away from deal

Streamer said deal no longer financially attractive' at price required to match offer by David Ellison's firm

Paramount Skydance has beaten Netflix to take over Warner Bros Discovery's storied Hollywood studios and streaming business after the streaming giant refused to increase its bid.

The $110bn deal ends a high-stakes bidding war between the two media companies, but the takeover still faces regulatory hurdles and a backlash from critics worried about a rightward tilt in US media.