In a stunning move, the streaming giant is walking away from the deal it struck in December after Paramount Skydance upped its bid.

Paramount Skydance emerged as the winner in a months-long battle to acquire Warner Bros Discovery, after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.

Lawmakers and press freedom advocates worry the deal poses antitrust risks, threatens media competition and raises concerns about journalistic independence under the Trump administration.