Netflix has withdrawn from its 83 billion dollar agreement to acquire Warner Brothers Discovery after Paramount Skydance increased its rival offer to 31 dollars per share, valuing the company at about 111 billion dollars including debt. Paramount pledged a 7 billion dollar termination fee if regulators block the deal and agreed to cover Warner’s 2.8 billion dollar penalty owed to Netflix. Warner’s board declared the revised bid superior. The proposed merger would combine HBO Max and Paramount Plus and bring CNN and CBS News under one owner. The transaction faces antitrust scrutiny from lawmakers and regulatory authorities.