Paramount wins the battle against Netflix to buy Warner.

Netflix has decided to definitively withdraw from the race to acquire Warner Bros. Discovery (WBD) after its board of directors concluded that the latest offer submitted by Paramount Skydance (PSKY) is superior and that the price needed to match it is no longer justifiable for shareholders. The victory, therefore, falls to the consortium led by David Ellison, under the shadow—and financial muscle—of his father, Larry Ellison, who has put forward an offer of $31 per share, with additional incentives if the transaction is delayed and even assuming the penalty for breaking with Netflix. Pending government approval, the major media saga is heading toward its conclusion.