Paramount Skydance finally won the bidding war for Warner Bros. Discovery after Netflix pulled out of negotiations, saying it wouldn't match the 11-hour David Ellison offer for the iconic Hollywood company.

The Wall Street Journal reported:

"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.

'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', Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement. 'This transaction was always a 'nice to have' at the right price, not a 'must have' at any price', the pair said."

Once the acquisition is approved by regulators, Paramount will own Warner Bros, HBO and many popular cable networks such as CNN, TNT, TBS and Food Network.

The Telegraph reported:

"It marks a stunning victory for billionaire Larry Ellison and his son David, who runs Paramount. The Ellisons, close allies of Donald Trump, have been building a media empire in recent years and had seen acquiring Warner Bros as a key part of their plans.