Paramount

PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY BOARD'S DETERMINATION OF PARAMOUNT'S PROPOSAL AS SUPERIOR

CBS News

Netflix drops $83 billion bid for Warner Bros. Discovery, paving way for Paramount Skydance deal

BBC News

Netflix drops Warner Bros bid, clearing way for Paramount takeover

New York Post

Netflix breaks silence after losing Warner Bros. Discovery to Paramount Skydance

Breitbart

Netflix Backs Out of Warner Bros. Deal as Paramount Wins Bidding War

Netflix

Netflix Declines to Raise Offer for Warner Bros.

Netflix and Warner Bros. Discovery Amend Agreement to All-Cash Transaction

Warner Bros. Discovery

Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Constitutes a

Netflix to Acquire Warner Bros. Following the Separation of Discovery Global for a Total Enterprise Value of $82.7 Billion (Equity Value of $72.0 Billion)

Paramount Launches All Cash Tender Offer Acquire Warner Bros

Metaculus

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Netflix announced on Thursday that it would not raise its offer to acquire Warner Bros. Discovery, creating an opening for Paramount Skydance to purchase the media and entertainment company following a months-long competition for the studio.

Netflix announced on Thursday that it would not raise its offer to acquire Warner Bros. Discovery, creating an opening for Paramount Skydance to purchase the media and entertainment company following a months-long competition for the studio.

Netflix and Warner Bros. Discovery originally entered into <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2025/netflix-to-acquire-warner-bros-hbo-for-billion">a definitive agreement in December 2025</a> for Netflix to acquire Warner Bros. Discovery for $27.75 per share, with a total enterprise value of approximately $82.7 billion. Netflix later amended the transaction to an <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2026/netflix-revises-warner-bros-deal-to-b-allcash-offer">all-cash structure</a> in January.

Netflix and Warner Bros. Discovery originally entered into a definitive agreement in December 2025 for Netflix to acquire Warner Bros. Discovery for $27.75 per share, with a total enterprise value of approximately $82.7 billion. Netflix later amended the transaction to an all-cash structure in January.

A few days later, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2025/paramount-launches-b-hostile-bid-for-warner-bros">Paramount Skydance made a competing offer</a> to acquire Warner Bros. Discovery for $30 per share in an all-cash transaction, which Paramount's Board of Directors declared was a "clearly superior alternative" to Netflix's deal.

A few days later, Paramount Skydance made a competing offer to acquire Warner Bros. Discovery for $30 per share in an all-cash transaction, which Paramount's Board of Directors declared was a "clearly superior alternative" to Netflix's deal.

On Tuesday, Paramount Skydance <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2026/paramount-raises-warner-bros-discovery-bid-to-share">upped its offer to $31.00 per share</a>, with the added inclusion of a daily "ticking fee" of $0.25 per quarter, as well as commitments to pay a $7 billion regulatory termination fee and $2.8 billion to Netflix to terminate Warner Bros. Discovery's existing merger agreement with the company.

On Tuesday, Paramount Skydance upped its offer to $31.00 per share, with the added inclusion of a daily "ticking fee" of $0.25 per quarter, as well as commitments to pay a $7 billion regulatory termination fee and $2.8 billion to Netflix to terminate Warner Bros. Discovery's existing merger agreement with the company.

After considering the offer, Warner Bros. Discovery's Board of Directors concluded that Paramount Skydance's proposition constituted a "Superior Proposal" to the firm, granting Netflix four business days to revise the terms of its bid.

After considering the offer, Warner Bros. Discovery's Board of Directors concluded that Paramount Skydance's proposition constituted a "Superior Proposal" to the firm, granting Netflix four business days to revise the terms of its bid.

Netflix, however, declared it would not match Paramount Skydance's offer, with co-CEOs Ted Sarandos and Greg Peters issuing a statement claiming that the deal was "no longer financially attractive," describing it as "nice to have" but "not a 'must have' at any price."

Netflix, however, declared it would not match Paramount Skydance's offer, with co-CEOs Ted Sarandos and Greg Peters issuing a statement claiming that the deal was "no longer financially attractive," describing it as "nice to have" but "not a 'must have' at any price."

Paramount's offer for Warner Bros. Discovery delivers the superior value and certainty that shareholders deserve, backed by commitments from the Ellison Trust and the banks. Given all the bells and whistles that came with this proposition, it is no wonder that Warner Bros. Discovery's board unanimously recognized this as superior to Netflix's proposal.

Paramount's offer for Warner Bros. Discovery delivers the superior value and certainty that shareholders deserve, backed by commitments from the Ellison Trust and the banks. Given all the bells and whistles that came with this proposition, it is no wonder that Warner Bros. Discovery's board unanimously recognized this as superior to Netflix's proposal.

Narrative A

In walking away from Warner Bros. Discovery, Netflix has demonstrated its financial acumen and fiscal discipline. While the acquisition would have been a boon, it was not essential ,as Netflix's business remains healthy and growth is strong. Matching Paramount Skydance's inflated bid, meanwhile, would have destroyed value for Netflix's shareholders.

In walking away from Warner Bros. Discovery, Netflix has demonstrated its financial acumen and fiscal discipline. While the acquisition would have been a boon, it was not essential ,as Netflix's business remains healthy and growth is strong. Matching Paramount Skydance's inflated bid, meanwhile, would have destroyed value for Netflix's shareholders.

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Narrative B

There's a 78% chance that at least 10 of the 20 highest grossing new movies in the year 2050 will be remakes of previous movies or continuations of previous movie franchises, according to the Metaculus prediction community.

There's a 78% chance that at least 10 of the 20 highest grossing new movies in the year 2050 will be remakes of previous movies or continuations of previous movie franchises, according to the Metaculus prediction community.

Netflix Drops Warner Bros. Bid After Paramount Counteroffer

The Spin

Narrative A

Narrative B

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Netflix Drops Warner Bros. Bid After Paramount Counteroffer

The Spin

Narrative A

Narrative B

Metaculus Prediction

Articles on this story

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