Paramount Wins Bidding War for Warner Discovery After Netflix Drops Out

Paramount Skydance PSKY 10.04%increase; green up pointing triangle emerged victorious in the bidding war for Warner Bros. Discovery WBD -0.35%decrease; red down pointing triangle after Netflix NFLX 2.29%increase; green up pointing triangle said it wouldn't match the David Ellison-led company's latest offer for the iconic Hollywood property.

Netflix pulled the plug on its deal soon after the Warner board of directors said it determined Paramount's $31-per-share offer for the entire company was superior to Netflix's bid for Warner's movie and television studios and HBO Max streaming service. Paramount is now poised to take control of the entertainment company, home to properties and brands including HBO, Superman and Harry Potter.