The nearly $111 billion marriage would unite Paramount and Warner film studios, streamers and television properties — including CNN — under the control of the wealthy Ellison family.

Netflix and Paramount are fighting to buy Warner Bros, including HBO, home of hits such as The White Lotus The fight in Hollywood to buy Warner Bros Discovery appears to be coming to its finale after Netflix backed away from its proposal to buy the company,

On late Thursday, Netflix (NFLX) declined to raise its offer for Warner Bros. Discovery (WBD) after being engaged in a months-long bidding war against David Ellison's media company and let it have the coveted assets of the HBO parent.

WBD employees fear potential job cuts, culture clashes and high debt loads as Paramount supplants Netflix as the company's acquirer.

On Thursday, after Warner’s board announced that Skydance-owned Paramount’s offer was superior to the agreement it had previously struck with Netflix, the streaming giant said the new price that would be required to buy Warner would make it a deal that is “no longer financially attractive.”

The company appears set to win Warner Bros. Discovery with its latest offer, ending a months-long bidding war.

Less than a year ago, David Ellison was the head of a small production company. Now, he’s on the verge of becoming the king of Hollywood.

A $252 million loss, falling ad revenue, and a heated bidding war define the company’s latest quarter, with Paramount emerging as the likely buyer after Netflix steps back. Read more.