No. Netflix never bought Warner Bros. or HBO Max. Netflix’s proposed acquisition—valued at about $82.7 billion in enterprise value—was abandoned in February 2026, and Paramount completed its acquisition of Warner Bros. Discovery on October 6, 2026. The headline’s roughly $83 billion figure refers to Netflix’s earlier proposal, not the deal that closed.
Who owns HBO Max now?
HBO Max is part of Warner Bros. Discovery (WBD), which is now owned by Paramount following the completion of Paramount’s acquisition on October 6, 2026. Paramount’s completion announcement says HBO Max and WBD’s other assets are part of the combined portfolio. The Associated Press reported the completed takeover as an $81 billion deal.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
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Warner Bros. Major Crimes: The Complete First Season (DVD, 3-Disc Set) | $34.45 | Buy on Amazon |
| 2 |
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Warner Bros One Tree Hill: The Complete Series - DVD | $133.69 | Buy on Amazon |
| 3 |
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Warner Bros Banshee - Complete Series - DVD | $79.99 | Buy on Amazon |
| 4 |
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Human Body DVD by Rock 'N Learn | $29.99 | Buy on Amazon |
| 5 |
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Phonics Volume 1 DVD by Rock 'N Learn | $6.90 | Buy on Amazon |
That confirms ownership, but not what will happen to the streaming service’s name, price, bundles, or technology. The completion announcement does not establish whether HBO Max will be rebranded, combined with Paramount+, repriced, or technically integrated.
What happened to Netflix’s proposed deal?
Netflix proposed buying Warner Bros. in December 2025
On December 5, 2025, Netflix announced a proposal to acquire Warner Bros., including its film and television studios, HBO Max, and HBO, after WBD’s planned separation of its Global Networks business. Netflix valued the proposal at approximately $82.7 billion in enterprise value and $72.0 billion in equity value. Those figures described a proposed transaction, not a completed purchase.
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The offer changed in January 2026
On January 20, Netflix and WBD amended the proposal to an all-cash offer of $27.75 per WBD share, plus the value of the planned Discovery Global separation. The companies said closing remained subject to that separation, regulatory approvals, WBD stockholder approval, and customary conditions.
Netflix declined to match Paramount in February
On February 26, 2026, Netflix said it would not raise its offer after WBD determined that Paramount Skydance’s latest proposal was superior under the existing Netflix merger agreement. Netflix’s co-CEOs, Ted Sarandos and Greg Peters, said matching the bid would make the deal financially unattractive to Netflix. That was Netflix’s stated rationale.
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WBD ended the Netflix agreement
WBD terminated its Netflix merger agreement on February 27, 2026, after Netflix waived its right to revise the agreement and WBD entered into a Paramount Skydance merger agreement. WBD’s Q1 2026 filing says it paid Netflix a $2.8 billion termination fee.
Paramount completed its acquisition
Paramount announced that it completed the WBD acquisition on October 6, 2026, after required regulatory approvals and customary closing conditions. Paramount reported that WBD shareholders received $31.01666668 in cash per share. The Associated Press separately described the completed takeover as an $81 billion deal; that overall value is distinct from Paramount’s per-share figure.
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How the Netflix proposal differs from the completed Paramount deal
| Detail | Netflix proposal | Paramount acquisition |
|---|---|---|
| Status | Abandoned; the agreement was terminated February 27, 2026. | Completed October 6, 2026. |
| Buyer | Netflix | Paramount |
| Assets | Warner Bros. film and television studios, HBO, and HBO Max, following the planned Global Networks separation. | Warner Bros. Discovery; Paramount says HBO Max and the other WBD assets are in the combined portfolio. |
| Published value or consideration | Netflix initially stated approximately $82.7 billion enterprise value and $72.0 billion equity value. The amended offer was $27.75 per WBD share in cash, plus the value of the planned Discovery Global separation. | Paramount reported $31.01666668 in cash per WBD share at completion. The Associated Press reported the overall completed takeover value as $81 billion. |
| Outcome | Netflix declined to raise its offer; WBD terminated the agreement and paid Netflix a $2.8 billion termination fee. | Acquisition closed after required regulatory approvals and customary closing conditions. |
Why the $83 billion headline is outdated
The figure is a rounding of Netflix’s original approximately $82.7 billion enterprise-value proposal, announced in December 2025. It can be misleading if read as the price of a purchase Netflix completed: Netflix did not acquire the company. Paramount’s acquisition is the transaction that closed, and AP reported its value as $81 billion.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is confirmed—and what remains unknown for viewers
- Confirmed: Paramount completed its acquisition of WBD, including the assets that Paramount identifies as part of its combined portfolio, such as HBO Max.
- Not established by the completion announcement: whether HBO Max will keep its name, be bundled with Paramount+, change price, or be technically integrated with another service.
Until Paramount announces specific service changes, ownership alone does not tell subscribers whether their app, plan, or billing will change.
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