Netflix is walking away from its offer to buy Warner Bros. Discovery's studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over its storied Hollywood rival. On Thursday, Warner's board announced that Skydance-owned Paramount's latest offer to buy the entire company for $31 per share was superior to the agreement it had previously struck with Netflix. Warner gave Netflix four business days to come up with a counteroffer - but Netflix instead responded less than two hours later, declining to raise its proposal.