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Skydance completed its acquisition of Warner Bros. Discovery (WBD) on October 6, 2026. The $2.8 billion Netflix fee was paid by Paramount Skydance on WBD’s behalf after WBD ended an earlier agreement to sell its streaming and studio businesses to Netflix. The combined company is now identified as Skydance Corporation, formerly Paramount Skydance Corporation.
What happened to the Netflix deal?
WBD had agreed to sell its streaming and studio businesses, along with certain related assets and liabilities, to Netflix after a planned separation of its Global Linear Networks business. That proposed sale did not close. WBD’s board determined that Paramount Skydance’s offer was superior, Netflix waived its right to propose revisions, and WBD terminated the Netflix agreement on February 27, 2026. The chronology and agreement terms are described in WBD’s SEC filing.
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| 1 |
![Best of Warner Bros. 50 Film Collection (BD) [Blu-ray]](https://m.media-amazon.com/images/I/51qrQaTrIWL._SL160_.jpg)
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Best of Warner Bros. 50 Film Collection (BD) [Blu-ray] | $259.95 | Buy on Amazon |
| 2 |
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Venture Bros.: Radiant is the Blood of the Baboon Heart (Blu-ray) | $10.89 | Buy on Amazon |
| 3 |
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Maverick (BD) | $11.99 | Buy on Amazon |
| 4 |
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Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
| 5 |
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WB 100th 25Film Collection Vol 1 Award Winners (Blu-ray) | $199.00 | Buy on Amazon |
Why Netflix received $2.8 billion
The Netflix agreement required a termination fee when WBD ended the deal under these circumstances. Paramount Skydance paid the $2.8 billion cash fee to Netflix on WBD’s behalf. It was a contractual fee to Netflix—not a payment Netflix made and not an extra distribution to WBD shareholders. WBD’s filing says Paramount Skydance could be reimbursed in certain circumstances if its own merger agreement with WBD were terminated.
What shareholders received
Under the completed transaction, WBD shareholders received $31.01666668 per share in cash. The underlying terms were $31.00 per share plus a ticking amount if closing took place after September 30, subject to a cap of $0.25 per 90-day period. WBD shares ceased trading on Nasdaq effective October 6, 2026, according to Skydance’s closing announcement.
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News coverage described the takeover as an $81 billion deal. The Associated Press also reported a broader estimate of nearly $111 billion when billions of dollars of debt are included; those figures use different measures and should not be treated as interchangeable. See the Associated Press account of the closing.
What the acquisition brings together
The completed transaction puts Paramount and WBD’s studios, streaming services, television and cable properties, news brands, sports programming, and libraries under Skydance. The closing announcement lists CBS, HBO, Paramount+, HBO Max, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, Comedy Central, and Pluto TV among the portfolio’s brands and services.
Skydance said competition authorities covering nearly 70 jurisdictions had approved the transaction. That is the company’s account of the approvals, not an independent finding that the deal would produce particular competitive benefits. The announcement also reported $47 billion in new equity investment, led by the Ellison Family, RedBird, Public Investment Fund, L’IMAD, Qatar Investment Authority, and LionTree.
What it means for streaming
HBO Max and Paramount+ now have the same owner, but that does not mean they have already become one service. The Associated Press reported that Skydance plans to unify its streaming products into a single service over time. As of its October 6, 2026 report, the future service’s name, consumer cost, and timing had not been established publicly. A bundle, new price, launch date, or specific app arrangement should therefore not be assumed.
Rank #3
- Maverick [Blu-ray]
- PHYSICAL_MOVIE
- warner home video
Skydance CEO David Ellison told the Associated Press: “Our viewpoint is, HBO should stay HBO. They built a phenomenal brand, they are a leader in this space and we just want them to continue doing more of it. But by bringing the platforms together, all of our content will be able to reach even a broader audience than we can do standalone.” The statement signals Ellison’s stated view of HBO’s brand and the potential reach of combined platforms; it does not itself announce a product plan.
What it could mean for movies and news
The merger places Paramount and Warner Bros. studios, along with their libraries and related entertainment businesses, under the same owner. The transaction also brings together news and sports properties including CNN, CBS, CBS Sports, and TNT Sports, as well as a wide range of cable and entertainment brands. These are changes in ownership and portfolio, not evidence by themselves of specific changes to film slates, newsroom operations, programming, or distribution. The Associated Press’s coverage of implications for streaming, movies, and news likewise notes that consumer-facing effects were not yet settled.
Rank #4
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
What is confirmed—and what remains a target
Skydance’s closing announcement described the combined company as having nearly $70 billion in revenue and set out goals of more than $6 billion in run-rate synergies over three years and more than $10 billion in free cash flow by 2030. These are company-reported scale figures and forward-looking targets, not verified post-merger results. The announcement also said the transaction included new equity investment; it does not establish that its projections have been achieved.
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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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