Paramount has won the bidding war for Warner Bros. Discovery from Netflix, which withdrew after its offer was deemed less favorable. This paves the way for Paramount to acquire a major media empire, including CNN and HBO. The deal, which is still subject to regulatory review, was hailed by Warner Bros. Discovery CEO David Zaslav as highly valuable to shareholders. Paramount offered $31 per share and promised a merger that would create a comprehensive entertainment and news network led by Paramount CEO David Ellison.

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