The answer to the question as to who will take over Warner Bros. Discovery got a bit clearer this Thursday as Netflix backed out of its bid for part of the company, refusing to match Paramount Skydance‘s latest bid.

The decision by Netflix was a stunning reversal that shows if you throw enough of a fit as a billionaire, you can get whatever you want.

Netflix had been the winning bid for WBD, offering $27.75 per share cash for just Warner Bros. Studios, WB Games, DC Comics, HBO, and HBO Max. Paramount had originally bid $30 per share for all of Warner Bros. Discovery, that includes its studios as well as its networks.

Paramount went back into negotiations with WBD raising its bid to $31 per share after having previously adding some sweeteners to the deal.

Warner Bros. Discovery’s board called the new Paramount deal “superior” and it is their duty to accept what they perceive as the best deal for the company and shareholders.

Paramount’s deal not only included $31 per share but also a $0.25 per quarter ticking fee after September 30, 2026 and $7 billion regulatory termination fee if the deal is squashed due to regulatory matters. Paramount will also pay $2.8 billion to Netflix over a termination fee as part of their deal.

Netflix in their statement said that the purchase of Warner Bros. was “no longer financially attractive” and were declining to match Paramount Skydance’s bid. They stated it Warne Bros. was “nice to have” but “not a ‘must have’ at any price.”

Paramount Skydance further consolidates the media landscape if their offer is approved by regulators. It will likely be approved in the United States but faces hurdles in Europe. In the US, Paramount Skydance’s owners, the Ellisons, are close with Donald Trump and have shown a willingness to lurch the media, and especially the news, rightward. It is possible European regulators will put in stipulations for approval.

Netflix faced hurdles not just in Europe but also in the United States. President Trump demanded Netflix remove Susan Rice from its board and eleven Republican attorneys generals urged the Department of Justice to probe the deal. The Ellisons have invested heavily and called in political favors in an attempt to gain Warner Bros. Discovery.

Their recent takeover of properties such as CBS has been scrutinized as they have veered the once lauded news organization rightward including the appointment of Bari Weiss among others. With the WBD purchase, Paramount Skydance will gain control of CNN which will also likely see a new mission right. Dr. Peter Attia was brought on by Weiss as part of her overhaul of the news division and it took Attia to decide to eventually step down when he was connected to Epstein as opposed to being fired. His name appeared more than 1,700 times in the documents. While a segment of his on a 60 Minutes rerun was pulled, he was expected to stay on as a contributor to the network. That’s how low CBS has already fallen under Weis leadership which will likely be expanded.

It still remains to be seen the exact impact of the Ellison’s political views’ impact on entertainment. Paramount handles Star Trek, whose latest series Star Trek: Academy has riled up regressives as woke. South Park also streams on paramount and airs on Paramount’s Comedy Central and has had no issue pillorying and mocking Trump and the administration.

DC Comics would fall under the purview of this deal and it’s unknown what the overall impact would be on the company whose intellectual property are worth billions.

Below is a list of major assets and properties owned or access to deals by Paramount Skydance and Warner Bros. Discovery, though not a complete list. There are numerous joint ventures for each where they own just a portion of the property. The Ellisons are also part of the recently American purchased TikTok showing their want to control media influence across demographics. As we pointed out during that purchase, CBS News, CNN, and TikTok would snap up all the major age demographics when it comes to news consumption.

Netflix’s full statement is below:

Netflix, Inc. today announced that it has declined to raise its offer for Warner Bros. Netflix had earlier received notice from Warner Bros. Discovery (WBD) that its Board of Directors has determined Paramount Skydance’s (PSKY) latest proposal constitutes a “Superior Proposal” under the terms of WBD’s existing merger agreement with Netflix. Netflix issued the following statement in response from co-CEOs Ted Sarandos and Greg Peters:

The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, 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.

Warner Bros. is a world-class organization, and we want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for running a fair and rigorous process. We believe we would have been strong stewards of Warner Bros.’ iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the U.S. But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.

Netflix’s business is healthy, strong and growing organically, powered by our slate and best-in-class streaming service. This year, we’ll invest approximately $20 billion in quality films and series and will expand our entertainment offering. Consistent with our capital allocation policy, we’ll also resume our share repurchase program.

We will continue to do what we’ve done for more than 20 years as a public company: delight our members, profitably grow our business, and drive long-term shareholder value.