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Netflix has officially withdrawn from the bidding war for Warner Bros. Discovery, choosing financial discipline over a higher-priced acquisition. The decision leaves Paramount as the frontrunner in a deal that could redefine the future of global media and streaming.

Warner Bros. Discovery has acknowledged that Paramount’s enhanced $31-per-share proposal could be superior to Netflix’s existing deal, raising the possibility of a renewed bidding war for one of Hollywood’s most powerful media companies.