The bidding war is over: Paramount has won the fight for Warner Bros. Discovery, after Netflix decided not to counter its $111 billion takeover bid for the media company.

Warner Bros. Discovery on Friday formally signed an agreement to be acquired by Paramount Skydance, the two companies announced, setting the stage for one of the most consequential media mergers in re...

The David Zaslav-led company officially recognized Paramount Skydance’s latest bid as “superior” to Netflix’s offer, which it accepted in December.