Ellison backed Paramount in Pole Position for $111bn Takeover for Warner Bros

Warner Bros was put up for sale last year. 

In light of Paramount's new bid, Netflix has dropped out of the bidding race citing the transaction was a "nice to have" not a "must have" at all costs. 

Rob Bonta, California Attorney General (the State's "top legal boss"), warned the transaction was "not a done deal".