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No. Netflix did not ultimately win Warner Bros. Discovery. It agreed in December 2025 to buy Warner Bros.’ studios and streaming businesses, but withdrew in February 2026 rather than match Paramount Skydance’s revised offer. Paramount Skydance completed its acquisition of WBD on October 6, 2026.
What Netflix originally agreed to buy
On December 5, 2025, Netflix and Warner Bros. Discovery announced a definitive agreement for Netflix to acquire Warner Bros., including its film and television studios, HBO Max and HBO. The plan depended on WBD first separating its Global Networks division, Discovery Global, into a new publicly traded company. The announced value was $82.7 billion in enterprise value and $72.0 billion in equity value; the terms were described as $27.75 per WBD share in cash and stock. These were Netflix’s original proposed terms, not the value of the eventual Paramount transaction. Netflix’s announcement, December 5, 2025.
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How the bidding changed
WBD’s board favored Paramount’s revised proposal
On February 26, 2026, WBD said its board had determined Paramount Skydance’s revised proposal—a $31-per-share cash offer—to be a “superior proposal.” The designation gave Netflix a four-business-day period to propose revisions. At that point, WBD said its Netflix merger agreement remained in effect and that the board had not withdrawn or modified its recommendation for that deal. WBD’s February 26 announcement.
Netflix declined to match
Netflix said the price needed to match Paramount Skydance’s offer made the transaction no longer financially attractive, and it declined to raise its bid on February 26. Co-CEOs Ted Sarandos and Greg Peters jointly described the deal as “a ‘nice to have’ at the right price, not a ‘must have’ at any price.” Netflix’s statement, February 26, 2026.
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How the two proposals differed
| Proposal | Scope | Offer structure and stated value | Status |
|---|---|---|---|
| Netflix | Warner Bros. studios, HBO Max and HBO, after a planned separation of WBD’s Global Networks division | Originally announced as $27.75 per WBD share in cash and stock; $82.7 billion enterprise value and $72.0 billion equity value | Agreement announced December 5, 2025; Netflix declined to match Paramount on February 26, 2026 |
| Paramount Skydance | All of Warner Bros. Discovery | WBD’s board identified the revised proposal as $31 per share in cash on February 26, 2026 | Acquisition closed October 6, 2026 |
The bids were not directly interchangeable: Netflix’s planned purchase covered Warner Bros.’ studios and streaming assets after a corporate separation, while Paramount Skydance sought the whole company. Paramount’s proposal.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who bought Warner Bros. Discovery, and for how much?
Paramount Skydance bought WBD. The Associated Press reported the closing on October 7, 2026, saying the takeover was valued at $81 billion, or nearly $111 billion including debt. Those figures describe Paramount’s completed acquisition and should not be confused with Netflix’s earlier announced enterprise and equity values. Associated Press report, October 7, 2026.
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