NEW YORK — Netflix is walking away from its offer to buy Warner Bros. Discovery’s studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over its storied Hollywood rival. On Thursday, Warner’s board announced that Skydance-owned Paramount’s latest offer to buy the entire company for $31 per share was superior to the agreement it had previously struck with Netflix. Warner gave Netflix four business days to come up with a counteroffer — but Netflix instead responded less than two hours later, declining to raise its proposal. It said the new price it would have to pay made the deal “no longer financially attractive.” “We believe we would have been strong stewards of Warner Bros.′ iconic brands," Netflix's co-CEOs Ted Sarandos and Greg Peters said in a joint statement. "But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.” A Paramount buyout of Warner Bros. Discovery would reshape Hollywood and the wider media landscape. And unlike Netflix — which was only eyeing Wa