Netflix drops deal with Warner Bros. Discovery, Paramount offers more
Paramount offered $111 billion. Netflix decided it would be unprofitable to beat them.
Netflix is withdrawing its offer to acquire Warner Bros. Discovery, Paramount announced in an official statement. The reason for this is Paramount’s more favorable offer for Warner Bros. Discovery: $111 billion, or $31 per share. According to Netflix, increasing the amounts is no longer profitable.
“At the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive to [Netflix], and we are declining to match Paramount Skydance’s offer.” Netflix said.
Netflix executives say that acquiring Warner Bros. Discovery would be a “nice addition” for them, but it was never a “must-have purchase.”
Netflix’s closeness to acquiring WBD became known in December 2025. At that time, the streaming company offered $82.7 billion for Warner Bros.’ film studio, HBO Max, and the HBO television channel. In turn, Paramount Skydance acquired all of Warner Bros. Discovery, a move that the board of shareholders liked better.
WBD CEO David Zaslav wished Netflix well and extended a friendly hand toward Paramount in a statement Thursday evening.
“Once our Board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders,” Zaslav said, alluding to the fact that WBD’s stock price more than doubled during the months-long bidding war. Paramount most recently offered $31 per share.
“We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery,” Zaslav added, “and can’t wait to get started working together telling the stories that move the world.”
Paramount has repeatedly tried to derail the Netflix-Warner Bros. deal since December, and their offer was reconsidered in February.
