Ben Shapiro

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And meanwhile, in other entertainment news, Netflix has now backed out of its bid for Warner Brothers.

This was a very hotly fought bid for Warner Brothers.

Paramount is now set to pick it up.

According to The Hollywood Reporter, in a stunning twist, Netflix is declining to raise its bid for Warner Brothers, positioning David Ellison's Paramount as the winner in the battle for the fabled studio.

Netflix co-CEOs Ted Sarandos and Greg Peters released a statement Thursday outlining their decision, saying the deal is no longer financially attractive and that it was always nice to have at the right price, but not a must-have at any price.

Netflix's stock actually went up in the aftermath of them announcing that they were dropping their bid.

Obviously, what originally happened is that Warner Brothers had accepted

Netflix's bid and turned down Paramount's bid.

And then Paramount kept upping its bid to the point where finally there was no way for Warner Brothers to refuse the bid.

Apparently they're leveraging up in order to execute this bid.

The price that they are seeking is extraordinary.

I mean, this is a very, very high price.

Paramount's latest proposal was for $31 per share, which is unbelievable.