No. Netflix’s proposed acquisition of Warner Bros. Discovery (WBD) was terminated before it closed. Paramount Skydance completed its acquisition of WBD on October 6, 2026, so Netflix does not own Warner Bros. or HBO as a result of that deal.
How the Netflix proposal differed from the completed deal
| Transaction | Status | Announced scope | Consideration |
|---|---|---|---|
| Netflix and WBD | Proposed in December 2025, amended in January 2026, then terminated on February 27, 2026; it did not close. | Warner Bros.’ film and television studios, HBO Max and HBO, following a planned separation of WBD’s Global Networks division. WBD’s filing describes the perimeter as its Streaming and Studios segments, subject to specified deviations, plus certain other assets and liabilities. | The December 2025 proposal was valued at approximately $82.7 billion enterprise value and $72.0 billion equity value. The January 2026 amendment made it an all-cash offer of $27.75 per WBD share. These were terms of the uncompleted Netflix proposal. |
| Paramount Skydance and WBD | Completed on October 6, 2026. | The acquisition of WBD; after closing, HBO Max, Warner Bros. titles and networks including CNN were under the same corporate roof as Paramount+ and CBS. | The Associated Press described the completed takeover as an $81 billion deal. That figure refers to the Paramount Skydance transaction, not Netflix’s proposal. |
What Netflix had proposed to acquire
Netflix and WBD announced the agreement on December 5, 2025. Its stated headline assets were Warner Bros.’ film and television studios, HBO and HBO Max. The transaction was structured around a planned separation: WBD’s Global Networks division was to become a new public company, with the named studios and streaming assets on the Netflix side of the proposed transaction.
In January 2026, the companies amended the proposal to an all-cash structure. Closing still depended on the separation of Discovery Global, regulatory and WBD stockholder approvals, and other customary conditions. The agreement therefore described a proposed future transaction, not a transfer that had already happened.
Did the proposal include Warner Bros. Games?
WBD’s filing describes the company’s businesses as including interactive gaming, but the cited transaction language does not expressly identify a separate gaming segment or specify whether Warner Bros. Games would have transferred to Netflix. The scope was described through Streaming and Studios and certain other assets and liabilities, subject to specified deviations.
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Because the Netflix agreement ended before closing, no gaming business transferred to Netflix under it. The available transaction description is not enough to say definitively that Warner Bros. Games was included in the proposed deal perimeter.
Why Netflix walked away
On February 26, 2026, Netflix said WBD had notified it that the WBD board considered Paramount Skydance’s latest offer superior. Netflix’s co-CEOs, Ted Sarandos and Greg Peters, said matching it would no longer be financially attractive, so Netflix declined to raise its offer.
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On February 27, WBD terminated the Netflix merger agreement and entered into a merger agreement with Paramount Skydance. WBD’s SEC filing states that a $2.8 billion termination fee was paid to Netflix on WBD’s behalf following the termination.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who owns Warner Bros. and HBO now?
As of October 8, 2026, Warner Bros. Discovery has been acquired by Paramount Skydance, not Netflix. The Associated Press reported that after the October 6 closing, HBO Max, Warner Bros. titles and networks including CNN were under the same corporate roof as Paramount+ and CBS. Netflix’s earlier proposal is a terminated transaction, not evidence of current ownership.
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