Paramount

Paramount Skydance emerged Thursday as the winning bidder for Warner Bros. Discovery after Netflix co-CEOs Ted Sarandos and Greg Peters declined to raise their company’s offer to match Paramount’s revised all-cash proposal, a stunning reversal that came hours after Sarandos had been at the White House lobbying Trump administration officials on Netflix’s behalf, and ended a months-long bidding war that reshaped the landscape of global entertainment.

The Warner Bros. Discovery board formally declared Paramount Skydance’s revised offer a “superior proposal” under the terms of its existing merger agreement with Netflix. Paramount’s bid values the entirety of Warner Bros. Discovery at …