Is Netflix buying Warner Bros.? No. Netflix’s proposed purchase of Warner Bros. Discovery’s streaming and studio assets was terminated on February 27, 2026. Warner Bros. Discovery (WBD) accepted Paramount Skydance’s superior proposal, and Netflix chose not to raise its offer. Paramount’s separate proposed acquisition of WBD is the transaction still in progress; as of October 4, 2026, the Associated Press reported that the companies expected to close it on October 6.
What happened to the Netflix–Warner Bros. deal?
Netflix and WBD entered an agreement in December 2025 and amended it in January 2026. On February 26, Netflix announced it would not increase its offer to match Paramount Skydance’s latest bid. The next day, WBD’s board deemed Paramount’s proposal superior, and WBD terminated its agreement with Netflix. Netflix waived its right to propose revisions. WBD’s 2026 filing records the termination and says Paramount paid Netflix the contractually required $2.8 billion termination fee.
Netflix co-CEOs Ted Sarandos and Greg Peters said the price needed to match Paramount’s offer made the transaction “no longer financially attractive,” so Netflix declined to match. That was Netflix’s stated financial rationale, not a claim that the proposed deal had been rejected by regulators. Netflix’s February 26 statement also said the transaction it had negotiated had a clear path to regulatory approval.
What Netflix’s proposed purchase would have included
The Netflix agreement was for WBD’s streaming and studio businesses, rather than the entire company in its then-current form. The planned scope included Warner Bros.’ film and television studios, HBO, and HBO Max. WBD’s global networks were to be separated into a new company, Discovery Global, with value from that separation also due to shareholders.
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Under the amended January 2026 agreement, Netflix’s all-cash offer was valued at $27.75 per WBD share, plus the value shareholders were to receive from Discovery Global after the planned separation. These were terms of a proposal that ended in February, not a current offer or a price Netflix paid. Netflix and WBD announced the amended terms on January 20, 2026.
How Paramount’s separate WBD transaction stands
Paramount Skydance’s proposed acquisition is a different transaction from Netflix’s terminated agreement. Its route has included federal antitrust review and a lawsuit brought by 12 state attorneys general. The developments should not be confused: the Justice Department’s review and the states’ case were separate processes.
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Federal review
On June 12, 2026, the U.S. Department of Justice Antitrust Division said it had closed an eight-month investigation. The division said it had reviewed more than two million documents and interviewed over 80 custodians, and concluded that, based on the evidence it reviewed, the transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or studio film development, production, and distribution. That is DOJ’s stated assessment; it is not a court ruling on the states’ claims. The department’s statement also said Paramount and WBD had fewer subscribers than the three largest streaming services at the time of its analysis.
State lawsuit and settlement
WBD’s June 2026 filing described a lawsuit by 12 state attorneys general seeking to block Paramount’s transaction, as well as a separate lawsuit by the Writers Guild of America East and West. The filing said the defendants had agreed not to close before a merits determination plus five days, or June 1, 2027, whichever came first; that was the status recorded before the later settlement.
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On September 30, the Associated Press reported that a federal judge approved Paramount’s settlement with the states. Reported commitments included increased U.S. film production over five years, a fund for workers displaced by the merger, and editorial monitoring of CNN and CBS. The AP reported that the companies expected to close on October 6, 2026. As of October 4, that date remained an expectation, not confirmation that the transaction had closed. The Associated Press report quoted the judge describing the consent decree as a “fair, reasonable, and good faith approach” to address harms alleged in the states’ lawsuit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the change in ownership could mean for streaming viewers
The proposed Netflix deal and the pending Paramount deal would combine different businesses under different ownership. Netflix’s terminated proposal focused on WBD’s studios and streaming assets after the planned separation of Discovery Global. Paramount’s proposal is for WBD. The transactions therefore should not be treated as interchangeable when considering possible effects on services and programming.
Rank #4
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Consolidation can raise questions about service choice and bargaining power. The DOJ said it did not expect the Paramount transaction to harm competition in the markets it examined; critics, as reported by AP, argued that further consolidation would concentrate power among a small number of major players. These are competing assessments, not proof of what subscribers will experience after a closing.
Quick Recap
Best Value
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- Prices and bundles: The cited sources do not establish whether subscription prices will rise or fall, or whether services will be bundled.
- Catalogs and licensing: No confirmed post-transaction catalog changes or licensing plans are established in the cited reports.
- Theatrical releases and production: The settlement includes a reported commitment to increase U.S. film production over five years, but the sources do not specify how it will affect release windows or the titles viewers will see.
- Service choice: The eventual effect depends on how the companies operate after closing; the available statements do not quantify that outcome.
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.
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