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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →No—Netflix did not buy Warner Bros. or HBO. It agreed to acquire Warner Bros.’ film and television studios, HBO, and HBO Max in December 2025, but withdrew in February 2026 after Warner Bros. Discovery’s board favored Paramount Skydance’s competing offer. As of October 4, 2026, Paramount’s merger with WBD was expected to close on October 6; it had not yet closed.
What Netflix had agreed to buy
Netflix’s December 5, 2025 agreement covered Warner Bros.’ film and television studios, HBO, and HBO Max. The plan depended on a separation of WBD’s global networks division, so Netflix’s proposal was not an offer for all of Warner Bros. Discovery.
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Netflix announced proposed terms of $27.75 per WBD share, in cash and Netflix stock, valuing the transaction at approximately $82.7 billion in enterprise value and $72.0 billion in equity value. These were terms for the proposed Netflix transaction, which was later abandoned—not the value of Paramount’s competing deal. Netflix’s December 5, 2025 announcement
Netflix said the combination would pair its global distribution and streaming service with Warner’s production capabilities, library, and franchises. It projected at least $2–3 billion in annual cost savings by the third year and said the transaction was expected to become accretive to GAAP earnings per share by year two. Those were Netflix’s forward-looking projections for a deal that did not happen, not realized savings or earnings results. Netflix’s announcement
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Why Netflix backed out
On February 26, 2026, Netflix said WBD had notified it that the board considered Paramount Skydance’s latest proposal a “Superior Proposal” under the existing agreement. Netflix declined to raise its offer, saying that matching the bid would make the transaction no longer financially attractive. Netflix’s February 26, 2026 statement
In that joint statement, Netflix co-CEOs Ted Sarandos and Greg Peters said: “But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.” Netflix’s withdrawal ended its proposed acquisition.
Who was set to acquire Warner Bros. Discovery instead?
Paramount pursued all of Warner Bros. Discovery, unlike Netflix’s proposal for the studios and streaming assets following a planned networks separation. After Netflix declined to match Paramount’s offer, WBD’s board favored Paramount’s proposal.
On September 30, 2026, the Associated Press reported that a federal judge had approved a settlement with 12 states that sued to block Paramount’s takeover. The companies then expected their $81 billion merger to close on October 6, 2026. That was the reported expected closing date—not a completed deal as of October 4. Associated Press, September 30, 2026
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How the two bids differed
| Question | Netflix proposal | Paramount proposal |
|---|---|---|
| Assets sought | Warner Bros.’ film and television studios, HBO, and HBO Max, after a planned separation of WBD’s global networks division. Netflix, December 5, 2025 | All of Warner Bros. Discovery. Associated Press, September 30, 2026 |
| Reported value | Proposed $82.7 billion enterprise value and $72.0 billion equity value. Netflix, December 5, 2025 | $81 billion merger value, as reported by the Associated Press. Associated Press, September 30, 2026 |
| Status on October 4, 2026 | Withdrawn in February 2026 after Netflix declined to match Paramount’s proposal. Netflix, February 26, 2026 | Expected to close October 6, 2026; not yet completed. Associated Press, September 30, 2026 |
The two announced values describe different transactions and come from different sources and dates. They should not be read as a like-for-like comparison of identical assets or as evidence that either amount was paid.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the pending merger mattered to viewers and the media business
A Paramount-WBD combination would bring HBO Max and CNN together with CBS, Paramount+, and other Paramount properties, according to the Associated Press. That scale raised concerns about further consolidation among a small number of major entertainment companies. Associated Press, September 30, 2026
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For viewers, ownership plans do not establish what will happen to subscription prices, streaming catalogs, service names, or release windows. The cited reporting also does not establish future employment levels or production decisions. Those outcomes should not be treated as settled simply because a merger was expected to close.
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What to remember
- Netflix never completed an acquisition of Warner Bros. or HBO; it withdrew from its proposal in February 2026.
- Netflix’s proposed deal covered Warner Bros.’ studios, HBO, and HBO Max—not all of WBD—and its announced valuation and savings projections applied only to that abandoned proposal.
- Paramount’s competing offer was for all of WBD; on October 4, 2026, the companies expected to close their merger two days later.
- The future effect on prices, catalogs, services, jobs, and productions was not established by the cited deal announcements or reporting.
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.
