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With Netflix out of the picture, a Paramount and Warner Bros. Discovery deal may have fewer obstacles to regulatory approval.
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Paramount beats Netflix to the major deal, pleasing figures in DC and LA alike, the BBC's culture and media editor writes.
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The streaming service's co-CEOs said "this transaction was always a ‘nice to have' at the right price, not a ‘must have' at any price"
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Netflix's decision to back down from the bidding war clears the path for Paramount to win the takeover battle.
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