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, BBC reported. 

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, according to BBC.