Warner Bros. Discovery has agreed to a deal to be acquired by media giant Paramount Skydance Media for billions of dollars. The companies announced on Tuesday that the agreement was signed after Netflix withdrew from the bidding war to complete the acquisition. Paramount had previously increased its all-cash offer for the entire company to around $111 billion. Netflix had earlier refused to raise its offer to buy Warner Bros. Discovery, a surprising move that effectively put Paramount in a position to acquire the veteran Hollywood giant. Last Thursday, after the Warner board of directors stated that the offer from Paramount, owned by Skydance, was superior to its prior agreement with Netflix, the streaming giant said that the new price required to acquire Warner would make the deal "no longer financially attractive." Unlike Netflix's offer, Paramount wants to acquire all of Warner's operations, including networks such as CNN and Discovery. This would place CNN under the same roof as Paramount's CBS network, bringing together two of the last five remaining studios in Hollywood.
