Key Points:
Paramount Skydance won the bidding war for Warner Bros. after Netflix withdrew from the competition, finalising a deal worth approximately $111 billion.
Netflix backed out after refusing to match Paramount’s revised offer of $31 per share, stating that the acquisition was no longer financially attractive.
Paramount would gain HBO Max subscribers and major assets like CNN and the Food Network, raising industry concerns about consolidation.
The prolonged bidding war for the acquisition of multinational film and entertainment corporation Warner Bros. has finally entered its finale. In a recent development in the infamous Netflix vs. Paramount Pictures battle, Paramount Pictures has reportedly emerged as the winner. Netflix backed out of purchasing the historic media conglomerate, which ultimately left Paramount as the sole major competitor.
On February 26, 2026, Netflix dropped out of the bidding war, which led Paramount Skydance to become the buyer of Warner Bros. following months of negotiations. Warner Bros. reportedly stated that Paramount’s new offer was better than that of the online streaming giant. With Netflix dropping out, Paramount’s deal, worth $111 billion, has reportedly been finalised.
Netflix said in a statement, “We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.” The company further added that Netflix would have been a much stronger “steward for Warner Bros.’ iconic brands.”
According to its official website, Warner Bros. Discovery vows to entertain audiences through its various brands and products, such as Discovery Channel, HBO Max, CNN, DC, HBO, Warner Bros. Games, and Warner Bros. Pictures Animation, among several others.
Paramount led the race by revising its earlier offer from $30 to $31 per share. After the deal, Netflix was given four business days to surpass Paramount’s revised offer. However, Netflix decided to back down from the bidding war.
Several industry A-listers have expressed their distress over a streaming giant like Netflix taking over a storied Hollywood studio. Oscar-winning director James Cameron, widely recognised for Hollywood hits such as Avatar, Titanic, and The Terminator, shared his fears earlier about Netflix putting cinema at risk.
See Also: Netflix Levels Up; Claims the Bid of ‘Warner Bros. Discovery’ Like a Series Finale Moment
According to Deadline, Cameron said, “The proposed sale of Warner Bros. Discovery to Netflix will be disastrous for the theatrical motion picture business.” He referred to Netflix CEO Ted Sarandos as a good person and a clever business leader. However, he added that “the goals of his company are directly opposed to the health of the cinema marketplace.”
In July 2025, Paramount, the parent company of CBS Broadcasting Inc., cancelled the famous late-night show with Stephen Colbert after settling a lawsuit worth $16 million with U.S. President Donald Trump.
Netflix co-CEO Greg Peters and Sarandos also thanked Warner Bros. for its leadership. According to media reports, Warner Bros. had supported Netflix’s bid since December 2025. Even when Warner indicated that Paramount’s revised offer was better, the company’s board continued to back Netflix’s deal.
Many artists have stated that the bidding battle between Paramount and Netflix was nothing short of a moment of potential catastrophe for cinema. Some have even pointed to the “possibility of censorship and government overreach” in the near future. If Paramount’s deal receives regulatory approval, it will add Warner Bros.’ HBO Max subscribers to its portfolio and will take ownership of CNN, the Food Network, and several sports channels. Paramount already owns major TV brands such as Nickelodeon, CBS, and Comedy Central.
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