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Netflix backs out of Warner Bros. purchase, clearing a path for Paramount

The streaming giant said it would not raise its bid to buy Warner Bros. Discovery, potentially allowing Paramount Skydance to take over the studio.

David Ellison, who runs Paramount Skydance, in 2022. (Alberto Pezzali/AP)

Netflix announced Thursday that it will not raise its bid to acquire Warner Bros. Discovery, potentially paving the way for Paramount Skydance to swoop in and buy the company after a tense war between two media mega-corporations.

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