India, Feb. 27 -- Netflix has withdrawn from the race to acquire Warner Bros. Discovery, paving the way for Paramount Skydance after months of intense legal and corporate battle.

Netflix declined to match Paramount Skydance's revised $111 billion bid to acquire one of Hollywood's most storied studios.

The streaming giant said the deal was no longer financially viable, despite its earlier interest in acquiring Warner Bros. Discovery, which had put itself up for sale last year.

Netflix had initially offered $82.7 billion for Warner Bros. Discovery, including its iconic film and television studios and premium platforms like HBO and HBO Max.

The proposed merger is poised to become one of the largest entertainment deals in history and coul...