Netflix is ​​backing down from its bid to buy Warner Bros. Discovery, the studios, HBO and CNN are given to Ellison’s Paramount.

In a wave of bids for hundred-billion-dollar deals, the bidding war for Warner Bros. has ended. Discovery. David Ellison’s Paramount will acquire Warner Bros. Discovery.

On Thursday, Warner Bros. announced Discovery said Paramount Skydance’s most recent offer of $31 per share was a “superior offer,” giving Netflix four business days to respond. Netflix then said it would not raise its all-cash offer of $82.7 billion for the legacy studio, and would withdraw from the deal.

“The deal we negotiated would have created shareholder value with a clear path to regulatory approval,” Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement Thursday. “However, we have always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we decline to match Paramount Skydance’s offer.”

Under the terms of the original deal, Warner Bros. Discovery paid a $2.8 billion termination fee to Netflix to terminate the existing agreement. Paramount’s renewed bid — backed by the world’s sixth-richest person, Oracle CEO and David Ellison’s father, Larry Ellison — includes paying that breakup fee.

The new deal will see Paramount, which Ellison’s Skydance Media company bought last year with heavy financial backing from his father, acquire Warner Bros. Television. Discovery as a whole, including its studios, HBO, its streaming service, its gaming and entertainment divisions, and linear television networks such as CNN, TBS, TNT, Discovery and HGTV.

Ellison, whose Paramount already owns major studios, entertainment and news companies, has warned of major job cuts. His ownership of CBS News has also sparked controversy and is largely seen as a sympathetic shift toward the Trump administration, as reporting critical of the administration has been suspended or faced increased scrutiny by Ellison and CBS editor-in-chief, conservative Barry Weiss. Larry Ellison is a major donor and supporter of President Trump.

Netflix announced its intention to acquire WBD in December, offering nearly $83 billion for its studios and streaming service alone. Despite several hostile takeover offers by Paramount, Warner Bros. Discovery reiterated to shareholders its belief that Netflix’s bid was superior to Paramount’s, which offered $108 billion for the entire company including its linear television networks. Paramount’s latest offer, at $31 a share, values ​​WBD at about $111 billion.

Paramount will assume about $33 billion in debt held by Warner Bros. Discovery, according to the deal. Larry Ellison, who has a net worth of $201 billion, according to Bloomberg, has agreed to provide additional equity to meet Paramount’s offer. Paramount’s market cap is about $12 billion.

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

Netflix shares jumped as much as 10% in after-hours trading in New York. Paramount shares rose 4.5%.