Los Angeles/IBNS, Feb. 28 -- Shares of Netflix surged after the streaming giant withdrew from its bid to acquire Warner Bros. Discovery following a months-long battle with Paramount Skydance, media reports said.

The streaming major said the deal was no longer financially viable despite its earlier aggressive push to acquire Warner Bros. Discovery, which had put itself up for sale last year.

Netflix had initially offered $82.7 billion for Warner Bros. Discovery, whose assets include major film and television studios and premium streaming platforms such as HBO and HBO Max.

The proposed Paramount Skydance acquisition is poised to become one of the largest entertainment deals in history and could significantly reshape Hollywood's media lan...