WWE’s media partner Netflix has dropped out of the race to buy Warner Bros. after a seemingly done deal following a new and improved bid from Paramount Skydance.

Netflix bid to take over Warner Bros. and its HBO Max streaming service and intellectual property rights, leaving Discovery and its channels such as TNT, TBS, CNN, and more to be spun off in a new company.

But Paramount Skydance submitted a new, higher bid, a bid which Warner Bros. Discovery said it was superior. Netflix has refused to match or present a better offer, with Netflix co-CEOs saying that the deal is no longer financially attractive.

The sale has implications to a certain extent for AEW, which airs on TNT and TBS as well as on HBO Max. Warner Bros. Discovery also owns a stake in the company.

TKO Group already has a partnership with Paramount Skydance, with the UFC airing on Paramount+ in a multi-billion dollar deal.