Just when it seemed that Netflix had clinched the deal to purchase Warner Bros. Discovery, Paramount Skydance Corp. swooped in with a $110 billion counter-offer that was ultimately too good for the studio to pass up.

On today’s Big Take podcast, Bloomberg’s Lucas Shaw and Chris Palmeri take host Sarah Holder inside the behind-the-scenes negotiations that secured the deal for Paramount, how Netflix co-CEO Ted Sarandos explained his company’s decision to walk away –  and the twists and turns that could still be coming in this story as two mega-studios become one. 

Read more: What the Paramount-Warner Merger Means for Hollywood

David Ellison Used Political Ties, Deep Pockets to Buy Warner Bros.Netflix’s Co-CEO Explains Why He Quit the Warner Bros. Fight

See omnystudio.com/listener for privacy information.