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Netflix said Thursday afternoon that it has “declined to raise its offer for Warner Bros.” after the Warner Bros. Discovery board determined that Paramount has submitted a “superior” offer.

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The announcement means that Paramount has suddenly moved much closer to taking over CNN and the rest of the assets owned by WBD.

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“The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” Netflix’s co-CEOs Ted Sarandos and Greg Peters said. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.”

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