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Netflix is ditching a deal to buy Warner Bros. Discovery's studio and streaming assets after the WBD board deemed a revised bid by Paramount to be superior.
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The move was a stunning development in the long-running corporate battle for the storied media giant.
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;Resize=(620)) Netflix on Thursday signaled it was backing away from its offer to buy Warner Bros. Discovery's streaming and studio assets, saying ?the deal was no longer financially attractive after Paramount Skydance revised its offer for the coveted Hollywood studio to a $31-a-share offer.
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Netflix now has four business days to decide whether it wants to counter Paramount's offer.
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