Paramount Wins $111B Warner Bros. Bid as Netflix Withdraws Offer

Paramount is proceeding with its $111B takeover of Warner Bros. Discovery after Netflix withdrew its bid and accepted a $2.8B termination fee.Led by David Ellison and supported by David Zaslav, the deal aims to merge HBO Max and Paramount+ to reach 200 million subscribers.Michael O'Leary of Cinema United and the WGA have voiced strong opposition, citing concerns over reduced competition and fewer movie productions.The DOJ and California Attorney General Rob Bonta are currently investigating the merger for potential antitrust violations.