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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. <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2026/netflix-revises-warner-bros-deal-to-b-allcash-offer">Netflix later amended the transaction to an 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.

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

Having considered the offer, Warner Bros. Discovery's Board of Directors concluded that Paramount Skydance's proposition constituted a "Company 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."

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Netflix and Warner Bros. Discovery announced in December 2025 a definitive agreement for Netflix to acquire Warner Bros. for $27.75 per share, with a total enterprise value of approximately $82.7 billion. The transaction was later amended in January 2026 to an all-cash structure.

Netflix and Warner Bros. Discovery announced in December 2025 a definitive agreement for Netflix to acquire Warner Bros. for $27.75 per share, with a total enterprise value of approximately $82.7 billion. The transaction was later amended in January 2026 to an all-cash structure.

Paramount Skydance made a competing offer to acquire Warner Bros. Discovery for $31 per share in all cash, which the WBD Board of Directors determined constituted a "Company Superior Proposal" under the terms of the Netflix merger agreement.

Paramount Skydance made a competing offer to acquire Warner Bros. Discovery for $31 per share in all cash, which the WBD Board of Directors determined constituted a "Company Superior Proposal" under the terms of the Netflix merger agreement.

Netflix co-CEOs Ted Sarandos and Greg Peters announced on February 26, 2026 that the company would not match Paramount Skydance's offer, stating the deal was "no longer financially attractive" and was "a nice to have at the right price, not a must have at any price."

Netflix co-CEOs Ted Sarandos and Greg Peters announced on February 26, 2026 that the company would not match Paramount Skydance's offer, stating the deal was "no longer financially attractive" and was "a nice to have at the right price, not a must have at any price."

Paramount Skydance's proposal included a $7 billion regulatory termination fee payable if the transaction failed due to regulatory matters and an agreement to pay the $2.8 billion termination fee that WBD would owe Netflix for ending their existing merger agreement.

Paramount Skydance's proposal included a $7 billion regulatory termination fee payable if the transaction failed due to regulatory matters and an agreement to pay the $2.8 billion termination fee that WBD would owe Netflix for ending their existing merger agreement.

The proposed Netflix acquisition of Warner Bros. would have combined franchises including Game of Thrones, Harry Potter and The Sopranos with Netflix titles such as Stranger Things, Bridgerton and Squid Game, creating what executives described as an extraordinary entertainment offering.

The proposed Netflix acquisition of Warner Bros. would have combined franchises including Game of Thrones, Harry Potter and The Sopranos with Netflix titles such as Stranger Things, Bridgerton and Squid Game, creating what executives described as an extraordinary entertainment offering.

Concerns were raised about the potential impact on CNN, which is owned by Warner Bros. Discovery, given Paramount backer Larry Ellison's ties to President Donald Trump, who has frequently criticized the news network and called for its sale as part of any Warner Bros. deal.

Concerns were raised about the potential impact on CNN, which is owned by Warner Bros. Discovery, given Paramount backer Larry Ellison's ties to President Donald Trump, who has frequently criticized the news network and called for its sale as part of any Warner Bros. deal.

Paramount's $31 per share all-cash offer for Warner Bros. Discovery delivers superior value and certainty that shareholders deserve. The deal includes a massive $45.7 billion equity commitment from the Ellison Trust with Larry Ellison's personal guarantee, plus $57.5 billion in debt financing from top banks, proving this transaction has rock-solid financial backing. Warner Bros. Discovery's board unanimously recognized this proposal as superior, and with antitrust clearance already secured, this deal provides the speed and certainty that creates real shareholder value.

Paramount's $31 per share all-cash offer for Warner Bros. Discovery delivers superior value and certainty that shareholders deserve. The deal includes a massive $45.7 billion equity commitment from the Ellison Trust with Larry Ellison's personal guarantee, plus $57.5 billion in debt financing from top banks, proving this transaction has rock-solid financial backing. Warner Bros. Discovery's board unanimously recognized this proposal as superior, and with antitrust clearance already secured, this deal provides the speed and certainty that creates real shareholder value.

Walking away from Warner Bros. Discovery shows smart financial discipline rather than overpaying for a deal that no longer makes economic sense. Netflix's business remains healthy and growing organically with $20 billion in content investment planned, making this acquisition a nice-to-have rather than a must-have at inflated prices. The original negotiated transaction would have created genuine shareholder value with clear regulatory approval, but matching Paramount's inflated bid would destroy value for Netflix shareholders.

Walking away from Warner Bros. Discovery shows smart financial discipline rather than overpaying for a deal that no longer makes economic sense. Netflix's business remains healthy and growing organically with $20 billion in content investment planned, making this acquisition a nice-to-have rather than a must-have at inflated prices. The original negotiated transaction would have created genuine shareholder value with clear regulatory approval, but matching Paramount's inflated bid would destroy value for Netflix shareholders.

Netflix Drops Warner Bros. Bid After Paramount Counteroffer

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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.

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.

Netflix Drops Warner Bros. Bid After Paramount Counteroffer

Netflix Drops Warner Bros. Bid After Paramount Counteroffer

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Netflix Drops Warner Bros. Bid After Paramount Counteroffer

Netflix Drops Warner Bros. Bid After Paramount Counteroffer

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