On Wall Street, even the losers are winners in the battle for Warner Bros. Discovery

A bevy of banks on Wall Street are walking away from the enormous Warner Bros. Discovery deal with hefty fees and newfound bragging rights.

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• Paramount Skydance is set to gain control over Warner Bros. Discovery after Netflix withdrew.
• Many of Wall Street's top bankers had a stake in steering the mega-deal — and a lot on the line.
• But even a loss for Netflix's investment bankers could prove to be a reputational win. Here's why.

In the world of high-stakes M&A...