Update: Mere hours after publishing this report, WBD confirmed that Paramount Skydance’s improved bid (see below) constitutes a “Company Superior Proposal.” As a result, Netflix immediately pulled out of the race to acquire WBD assets after declining to raise its offer. The company reasoned that, at the price required to match Paramount Skydance’s latest offer, the deal was no longer financially attractive. Netflix will receive a $2.8 billion termination fee from Paramount Skydance—clearing the path for Hollywood as we know to be torn down and rebuilt. Original story (with important details): Warner Bros Discovery is successfully playing both sides of the acquisition equation, as the company confirmed this week it is entertaining a revised offer from Paramount Skydance (PSky). As…