Netflix ditches deal for Warner Bros. Discovery after Paramount's offer is deemed superior [View all]
Last edited Thu Feb 26, 2026, 05:53 PM - Edit history (2)
Source: CNBC
Published Thu, Feb 26 2026 4:20 PM EST Updated 3 Min Ago
Netflix is walking away from a deal to buy Warner Bros. Discovery’s studio and streaming assets after the WBD board on Thursday deemed a revised bid by Paramount Skydance to be superior.
Earlier this week, Paramount raised its offer to buy the entirety of WBD to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount’s multiple offers in recent months — and since moving forward with a hostile bid to buy the company — and it’s now unseated a deal between WBD and Netflix to sell the legacy media company’s studio and streaming businesses for $27.75 per share.
Last week, Netflix granted WBD a seven-day waiver under the terms of their agreement to reengage with Paramount, resulting in the higher bid. Paramount’s offer is for the entirety of WBD, including its pay TV networks, such as CNN, TBS and TNT.
Netflix had four business days to make changes to its own proposal in light of Paramount’s superior bid, the WBD board said in a statement Thursday.
Read more: https://www.cnbc.com/2026/02/26/warner-bros-discovery-paramount-skydance-deal-superior-netflix.html
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Article updated.
Previous articles/headline -
Published Thu, Feb 26 2026 4:20 PM EST Updated 5 Min Ago
Warner Bros. Discovery said Thursday it's valued Paramount Skydance's latest takeover offer as superior to a deal with Netflix, another twist in the ongoing battle for the legacy media assets. Netflix will have four business days to make changes to its own proposal, the WBD board said in a statement.
Earlier this week, Paramount raised its offer to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount's multiple offers in recent months -- and since moving forward with a hostile bid to buy the company.
Warner Bros. Discovery agreed in December to sell its studio and streaming businesses to Netflix for $27.75 per share, which values the assets at roughly $72 billion. The deal has a total enterprise value of approximately $82.7 billion.
Last week, Netflix granted WBD a seven-day waiver to re-engage with Paramount, resulting in the higher bid.
Warner Bros. Discovery has valued Paramount Skydance's latest offer as superior to Netflix, another twist in the ongoing sale process. Netflix will have four business days to make changes to its own proposal, according to a WBD statement on Thursday.
Paramount raised its offer to $31 per share, up from $30 per share, earlier this week. The bid, which is all cash, was the latest amendment to Paramount's multiple offers in recent months -- and since moving forward with its hostile offer.
Netflix previously agreed to acquire WBD's studio and streaming assets for $27.75 per share in December, which values the assets at roughly $72 billion, with a total enterprise value of approximately $82.7 billion.
Paramount's offer is for the entirety of WBD, including its pay TV networks, such as CNN, TBS and TNT.
Original article -
Warner Bros. Discovery has valued Paramount Skydance's latest offer as superior to Netflix, another twist in the ongoing sale process.
Netflix will have four business days to make changes to its own proposal, according to a WBD statement on Thursday.
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