Netflix has definitively withdrawn from the race to acquire Warner Bros. Discovery (WBD) after its board of directors concluded that the latest offer from Paramount Skydance (PSKY) was superior and that the price needed to match it was no longer justifiable for shareholders. Victory, therefore, goes to the consortium led by David Ellison, under the shadow—and financial muscle—of his father, Larry Ellison, who put forward an offer of $31 per share, with additional incentives if the deal is delayed and even assuming the penalty for breaking with Netflix, which had made a final offer of $27.75. Pending government approval, this major media saga is nearing its conclusion.