Netflix has backed away from its proposal to buy Warner Bros Discovery, clearing the way for Paramount Skydance to win the months-long bidding war.

Warner Bros, which put itself up for sale last year, says Paramount's latest bid was superior to Netflix's, which in turn refused to raise its offer.

The massive media company owns Harry Potter, DC Comics and CNN.

Wall Street Journal's Joe Flint told Heather du Plessis Allan that there are now concerns about major job cuts in the impending merger.

LISTEN ABOVE