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Paramount has struck a $110bn deal to buy Warner Bros Discovery.<\/p>\n
The deal was struck after Netflix walked away from a bidding war<\/strong><\/a> for the company.<\/p>\n Netflix had declined to match Paramount’s latest $31-per-share offer on Thursday – having offered a $27.75-per-share agreement for its studio and streaming assets.<\/p>\n <\/p>\n <\/a><\/p>\n Paramount, which is led by billionaire Larry Ellison’s son David, has deep political connections to Donald Trump’s administration.<\/p>\n The takeover means Paramount Skydance will own the news channels CNN and CBS News.<\/p>\n The deal brings together two of Hollywood’s five legacy studios, potentially reshaping the US film industry.<\/p>\n It means films such as Harry Potter, Superman and Barbie, as well as hit TV series such as Succession, will join Paramount’s content library.<\/p>\n Paramount’s titles include Top Gun and The Godfather, as well as the Paramount+ streaming service.<\/p>\n Regulators in California are preparing a vigorous review of the deal.<\/p>\n This breaking news story is being updated and more details will be published shortly.<\/em><\/p>\n Please refresh the page for the fullest version.<\/em><\/p>\n You can receive breaking news alerts on a smartphone or tablet via the Sky News app<\/strong><\/a>. <\/em>You can also <\/em>follow us on WhatsApp<\/strong><\/em><\/a> and subscribe to our <\/em>YouTube channel<\/strong><\/em><\/a> to keep up with the latest news.<\/em><\/em><\/p>\n<\/p><\/div>\n