Paramount Beats Netflix in Months-Long Fight for Warner Bros.

Paramount Skydance Corp. finally clinched its deal for Warner Bros. Discovery Inc., outmaneuvering its rival Netflix Inc. after a months-long battle by agreeing to pay $111 billion for the legendary Hollywood studio.

The victory for Paramount Chief Executive Officer David Ellison was hard won, requiring multiple bids over more than five months, visits to Washington, meetings with shareholders and President Donald Trump and the personal backing of his billionaire father Larry Ellison.