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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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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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Netflix declined to match their counteroffer because it was no longer "financially attractive."
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