Netflix isn't going to buy Warner Bros after all, meaning Paramount is set to take HBO, Warner Bros Games, and the rest

A few months ago, it looked probable that Netflix was going to acquire Warner Bros Discovery—owner of HBO, Cartoon Network, Warner Bros Games, and much more—but a hostile takeover bid from Paramount Skydance has won out.

On Thursday, the Warner Bros Discovery board deemed a $31-per-share offer from Paramount Skydance superior to the Netflix deal, and Netflix opted not to raise its own offer.

"We believe we would have been strong stewards of Warner Bros' iconic brands, and that our...