Netflix declined to match Paramount Skydance’s revised offer for Warner Bros. Discovery (WBD), saying the price required was no longer financially attractive. The acquisition later closed: on October 6, 2026, Paramount Skydance—now named Skydance—completed its purchase of WBD, including Warner Bros., HBO and CNN.
Why did Netflix back out of the Warner Bros. deal?
On February 26, 2026, WBD said its board had determined that Paramount Skydance’s revised proposal qualified as a “Company Superior Proposal” under WBD’s agreement with Netflix. That determination started a four-business-day period in which Netflix could match the competing offer. WBD said its Netflix agreement remained in effect and that its board continued to recommend the Netflix transaction at that point. WBD’s February 26 announcement
Netflix announced the same day that it would not raise its offer. Co-CEOs Ted Sarandos and Greg Peters said matching the latest Paramount Skydance bid would make the deal “no longer financially attractive.” They described the acquisition as a “nice to have” at the right price, not a “must have” at any price. Netflix’s statement
What were the competing deal terms?
Paramount Skydance’s revised proposal offered $31 per WBD share in cash. Its terms also included a ticking fee after September 30, 2026, a $7 billion regulatory termination fee, and payment on WBD’s behalf of the $2.8 billion termination fee owed to Netflix if WBD ended its agreement with Netflix. These were terms of the revised proposal announced February 26, not a description of the final amount shareholders received at closing. WBD’s announcement of the revised terms
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The deals also covered different assets. WBD’s 2025 Form 10-K says the Netflix agreement concerned WBD’s Streaming and Studios segments—including HBO, HBO Max, and film and television studios—after a planned separation and distribution of Discovery Global to WBD shareholders. Paramount Skydance’s completed transaction, by contrast, acquired WBD itself. WBD’s 2025 Form 10-K
How did the deal move from Netflix to Paramount Skydance?
- February 26, 2026: WBD’s board deemed Paramount Skydance’s revised proposal superior under the Netflix agreement, beginning Netflix’s four-business-day match period. Netflix declined to match.
- February 27, 2026: WBD reported that it had terminated its Netflix agreement and entered into a merger agreement with Paramount Skydance. Paramount Skydance paid Netflix the $2.8 billion termination fee on WBD’s behalf. WBD’s Form 10-K
- October 6, 2026: Skydance announced that the acquisition had closed after required regulatory approvals and customary closing conditions. It reported cash consideration of $31.01666668 per WBD share; WBD shares ceased trading on Nasdaq that day. Skydance’s closing announcement
Who owns Warner Bros., HBO and CNN now?
Skydance owns WBD following the October 6 closing. The combined company is named Skydance; it was called Paramount Skydance when it made the offer. Its announced portfolio includes Warner Bros. and another major film studio, two global streaming services, television assets including CBS and HBO, Paramount and WBD cable networks, CBS News and CNN, sports properties, libraries, and franchises. The announcement supports describing the result as a broad media-company combination; it does not establish what operational or editorial changes will follow. Skydance’s closing announcement
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What does the acquisition mean for HBO Max and Paramount+?
Skydance’s closing announcement confirms that the combined portfolio includes two global streaming services, but it does not announce whether HBO Max and Paramount+ will be combined, rebranded, bundled, or kept separate. It likewise does not establish future programming changes, newsroom policy, job effects, or realized cost savings. Those outcomes should not be inferred from the ownership change alone.
At closing, Skydance also announced a commitment to release at least 30 theatrical films per year with a minimum 45-day theatrical window, and said its portfolio includes more than 180 television shows. Those are company-announced commitments and descriptions, not independently verified performance results. Skydance’s announcement
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