CALIFORNIA, Feb 27 – Netflix has backed away from its proposal to buy Warner Bros Discovery, clearing the way for Paramount Skydance to win a months-long battle for one of Hollywood’s most storied studios.Warner Bros, which put itself up for sale last year, on Thursday said Paramount’s latest bid was “superior” to the one from Netflix, which in turn refused to raise its offer.Netflix executives said they have declined to match Paramount Skydance’s bid as “the deal is no longer financially attractive” at that price.The winner of the bidding war would gain control of the iconic studio along with its films and media networks – a takeover that could significantly reshape the media landscape.Last December, Warner Bros agreed to a takeover offer from Netflix for some of its assets. But Paramount, which is backed by tech billionaire Larry Ellison and led by his son David, made a rival offer as it looks to transform itself into a Hollywood heavyweight.Paramount previously found itself rebuffed by Warner Bros.On Thursday, chief executive David Ellison welcomed the Warner Bros board’s decision in favour of Paramount’s sweetened offer. The proposal, he said in a statement, offers Warner Bros shareholders “superior value, certainty and speed to closing”.If Paramount’s deal is approved by regulators, the company would fold Warner Bros’ HBO Max streaming customers into its portfolio. It would also take ownership of CNN, the Food Network and a range of sports offerings.Paramount’s traditional networks already include brands such as Nickelodeon, CBS and Comedy Central.Many in Hollywood have viewed the bidding war between Netflix and Paramount as a battle with no good winner.