Paramount wins Warner; Netflix bows out, shares surge

NEW YORK CITY, New York: Paramount Skydance has prevailed in its bid to acquire Warner Bros Discovery, after Netflix declined to raise its offer for the Hollywood studio, ending a months-long takeover battle.

"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,"