Amid a torrent of proposals in the high tens of billions of dollars, the competition for Warner Bros. Discovery has concluded. Warner Bros. Discovery will be purchased by Paramount, owned by David Ellison.

On Thursday, Warner Bros. Discovery revealed that Paramount Skydance’s latest offer of $31 per share was deemed a “superior proposal,” allowing Netflix four business days to respond. Netflix subsequently declared it would not increase its $82.7 billion all-cash bid for the historic studio and would withdraw from the negotiations.

“The agreement we crafted was poised to generate shareholder value with a definitive route to regulatory approval,” stated Netflix co-CEOs Ted Sarandos and Greg Peters in a Thursday announcement. “Nevertheless, we’ve maintained our discipline, and at the price necessary to match Paramount Skydance’s recent offer, the transaction is no longer financially viable, prompting us to decline the Paramount Skydance proposal.”

According to the original agreement terms, Warner Bros. Discovery is obligated to pay Netflix a $2.8 billion termination fee in order to conclude the current deal. Paramount’s updated proposal — supported by the sixth-richest individual globally, Oracle’s executive chair, and Larry Ellison, David Ellison’s father — will include covering that breakup fee.

The new arrangement will have Paramount, which was acquired just last year by Ellison’s Skydance Media with significant financial support from his father, taking over all of Warner Bros. Discovery, encompassing its studios, HBO, streaming services, gaming and entertainment sectors, and linear television networks such as CNN, TBS, TNT, Discovery, and HGTV.

Ellison, whose Paramount already possesses substantial studios, entertainment, and news assets, has indicated there may be considerable job reductions. His ownership of news network CBS has also prompted controversy, which is often viewed as a favorable tilt toward the Trump administration, with critical reporting of the administration being suppressed or facing stricter examination by Ellison and CBS’s editor-in-chief, the conservative provocateur Bari Weiss. Larry Ellison is a prominent benefactor and supporter of President Trump.

Netflix had expressed its intention to acquire WBD in December, proposing nearly $83 billion just for its studio and streaming service. Despite multiple hostile takeover approaches from Paramount, Warner Bros. Discovery reiterated to its shareholders that Netflix’s offer was superior to Paramount’s, which proposed $108 billion for the entire company, including its linear TV networks. Paramount’s latest offer of $31 per share values WBD at around $111 billion.

Paramount will assume around $33 billion in debt held by Warner Bros. Discovery, as outlined in the agreement. Larry Ellison, whose wealth stands at $201 billion according to Bloomberg, has consented to provide the additional equity needed to fulfill Paramount’s proposal. Paramount’s market capitalization is approximately $12 billion.

The transaction is also being supported by a $57.5 billion debt commitment from Bank of America Merrill Lynch, Citi, and Apollo Global Management.

Netflix shares surged by as much as 10% in after-hours trading in New York, while shares in Paramount rose by 4.5%.