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No. Netflix did not buy Warner Bros. or HBO Max. Warner Bros. Discovery ended its agreement with Netflix in February 2026 after its board judged Paramount Skydance’s competing offer superior; Netflix declined to raise its bid. Paramount Skydance then paid Netflix a $2.8 billion termination fee, and completed its acquisition of Warner Bros. Discovery on October 6, 2026.
What was Netflix supposed to buy?
Netflix and Warner Bros. Discovery (WBD) announced a definitive agreement on December 5, 2025. It covered WBD’s Streaming and Studios segments—Warner Bros.’ film and television studios, HBO Max and HBO—following a planned separation of Discovery Global. The announced consideration was $27.75 per WBD share, with an enterprise value of approximately $82.7 billion. Netflix’s announcement described the proposed transaction.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
![Best of Warner Bros. 50 Film Collection (BD) [Blu-ray]](https://m.media-amazon.com/images/I/51qrQaTrIWL._SL160_.jpg)
|
Best of Warner Bros. 50 Film Collection (BD) [Blu-ray] | $259.95 | Buy on Amazon |
| 2 |
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Venture Bros.: Radiant is the Blood of the Baboon Heart (Blu-ray) | $10.89 | Buy on Amazon |
| 3 |
|
Maverick (BD) | $11.99 | Buy on Amazon |
| 4 |
|
Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
| 5 |
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WB 100th 25Film Collection Vol 1 Award Winners (Blu-ray) | $199.00 | Buy on Amazon |
It was therefore not an agreement for Netflix to acquire all of WBD as the company was then structured. And it never closed: the agreement ended before the planned purchase could be completed.
Why did the Netflix deal end?
In February 2026, WBD’s board determined that Paramount Skydance had made a superior competing proposal. Netflix chose not to increase its offer, saying that at the higher price the transaction would no longer be financially attractive. WBD terminated the Netflix agreement on February 27, 2026. The Associated Press reported Netflix co-CEOs Ted Sarandos and Greg Peters saying the acquisition was “a ‘nice to have’ at the right price, not a ‘must have’ at any price.” Read AP’s account of the withdrawal.
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Shortly before the termination, Netflix had described its agreement as definitive and fully financed. It also said WBD had scheduled a shareholder meeting for March 20 and had granted WBD a narrow seven-day waiver to engage with Paramount Skydance. Those were interim details, not evidence that Netflix ultimately acquired the company. Netflix’s February 17 statement reflects that stage of the process.
How much was the breakup fee?
The fee that was actually paid was $2.8 billion. WBD’s SEC filing says Paramount Skydance paid that termination fee to Netflix on WBD’s behalf when WBD ended the merger agreement on February 27, 2026. The WBD filing records the termination and payment.
The title’s “$5 Billion Breakup Fee” is not the amount established as the final payment under the signed Netflix agreement. It should not be confused with a separate $5.8 billion fee WBD said it would receive if Netflix failed to complete the merger for regulatory reasons. That was a conditional payment to WBD in a different circumstance; it was not paid to Netflix. WBD’s board statement describes that condition.
| Figure | What it means |
|---|---|
| $2.8 billion | Paid to Netflix by Paramount Skydance on WBD’s behalf when the Netflix agreement was terminated, according to WBD’s February 27, 2026 SEC filing. |
| $5.8 billion | A conditional regulatory termination fee WBD said it would receive if Netflix failed to complete the merger for regulatory reasons; it was not the payment made to Netflix, according to WBD’s board statement. |
| $5 billion | The reviewed official sources do not establish this as the final contractual fee or the amount ultimately paid. The exact terms and status of any earlier reported proposal are not established here. |
Who owns Warner Bros. and HBO Max now?
Paramount Skydance completed its acquisition of WBD on October 6, 2026, according to the Associated Press. Warner Bros. titles and HBO Max are consequently under the combined company’s ownership, alongside Paramount+ and CBS. AP reported the closing and resulting combination.
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- Maverick [Blu-ray]
- PHYSICAL_MOVIE
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The final outcome is the reverse of what a headline about Netflix entering exclusive talks might suggest: Netflix negotiated a proposed purchase of WBD’s studios and streaming assets, withdrew when it declined to match a superior offer, and received a termination fee. Paramount Skydance—not Netflix—ultimately acquired WBD.
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- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
