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Streaming giant Netflix declined to match Paramount Skydance's $31 per share offer for Warner Bros. Discovery.
The move was a stunning development in the long-running corporate battle for the storied media giant.
Netflix announced it is dropping its bid for Warner Bros. Discovery, which paves the way for Paramount Skydance, the parent company of CBS News, to acquire it instead. The merger would require approval from Warner Bros. shareholders and federal regulators.
Netflix has ended its bid for Warner Bros. Discovery and is clearing the way for a Paramount acquisition. CBS News' Jo Ling Kent reports.
