Netflix did not buy Warner Bros. Discovery (WBD). It declined to raise its offer on February 26, 2026, and WBD terminated their agreement the next day in favor of Paramount Skydance. That acquisition closed on October 6, 2026; the combined company is called Skydance.
Why did Netflix walk away from Warner Bros.?
Netflix said it would not match Paramount Skydance’s latest offer after WBD’s board deemed that proposal superior. In a February 26 statement, Netflix co-CEOs Ted Sarandos and Greg Peters said the price needed to match Paramount’s bid made the transaction “no longer financially attractive.” That is Netflix’s explanation of its decision, not an independent assessment of what the deal would have been worth.
Netflix and WBD had announced an agreement in December 2025 for Netflix to acquire WBD’s studios and streaming business after a planned separation of Discovery Global. That agreement never closed. WBD’s February 27 SEC filing records that the company terminated the Netflix agreement and entered a merger agreement with Paramount Skydance; Paramount paid the $2.8 billion termination fee required by the prior agreement. WBD’s SEC filing documents the termination and fee.
Who bought Warner Bros. Discovery, and did the deal close?
Paramount Skydance acquired WBD, and the transaction closed on October 6, 2026. Skydance’s closing announcement says WBD shareholders received $31.01666668 per share and that WBD shares ceased trading on Nasdaq effective that day. The announcement describes a portfolio spanning two major film studios, two global streaming services, CBS, HBO, cable networks, CBS News and CNN, live sports, libraries, brands, and franchises. Skydance’s closing announcement provides the transaction’s stated terms and portfolio description.
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The UK Competition and Markets Authority records clearance of the anticipated acquisition on August 6, 2026, and says its inquiry closed on August 17. Skydance said the deal closed after required regulatory approvals and customary closing conditions were met. These statements establish the UK decision and the company’s reported closing conditions, not a jurisdiction-by-jurisdiction account of every review. The CMA case page gives the UK inquiry details.
How should the deal’s dollar figures be understood?
The confirmed shareholder cash consideration is $31.01666668 per WBD share, according to Skydance. That per-share figure is not interchangeable with aggregate transaction-value descriptions. The Associated Press called the completed transaction an $81 billion takeover in its headline and opening; it later described the acquisition as nearly $111 billion when including billions of dollars of debt. These are AP’s distinct framings, with the latter explicitly including debt—not alternative statements of the cash paid to each shareholder. AP’s closing-day report gives those aggregate descriptions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does the combined company mean for viewers?
HBO Max and Paramount+ are under the same ownership
The combined portfolio puts HBO Max and Paramount+ under Skydance’s ownership, alongside Discovery+, Pluto TV, and BET+, according to the Associated Press. The companies’ brands and services are not the same thing as the corporate name: the resulting company is called Skydance, while those services and entertainment brands remain part of its portfolio. AP’s report on the completed acquisition describes the combined portfolio.
A single streaming service was a future plan, not a completed change
AP reported that Skydance planned to unify its streaming products into a single service over time. In that October 7 report, the service’s name and the effects on consumer cost and choice were still unknown. The announcement therefore does not establish that the services have already merged, that a new price has been set, or what viewers will ultimately pay. AP’s account of the streaming plan describes it as a future intention.
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AP, citing streaming guide JustWatch, reported approximate U.S. streaming-market shares of roughly 14% for Paramount+ and HBO Max combined, 17% for Amazon Prime, and 19% for Netflix. Those are figures as reported by AP; the underlying JustWatch methodology and measurement period are not established here. They should not be read as a prediction of how subscribers, prices, or competition will change after the acquisition. AP’s report of the JustWatch figures provides the comparison.
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