Netflix did not buy Warner Bros. Netflix withdrew from its proposed deal in February 2026, and Paramount Skydance completed its acquisition of Warner Bros. Discovery (WBD) on October 6, 2026. The combined company is called Skydance. Its studio portfolio includes Paramount Pictures, Warner Bros. Pictures, New Line Cinema, DC Studios, CBS Studios, Warner Bros. Television, and Skydance’s film and television operations.
Did Netflix buy Warner Bros.?
No. Netflix and WBD had agreed to a proposed transaction for Warner Bros.’ studio and streaming assets, including HBO and HBO Max, following a planned separation of Discovery Global. In February 2026, WBD’s board determined that Paramount Skydance’s proposal was superior. Netflix said it would not raise its offer, and WBD terminated the Netflix agreement on February 27, 2026, when it entered the Paramount Skydance agreement. WBD’s SEC filing records a $2.8 billion termination fee paid to Netflix in connection with that termination. Netflix’s February 26 announcement and WBD’s SEC filing describe those steps.
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Paramount Skydance’s acquisition of WBD closed on October 6, 2026, and the combined company announced the name Skydance. The closing announcement states cash consideration of $31.01666668 per WBD share. That is a deal term, not a prediction of the value of WBD shares or a consumer-facing price. Skydance’s closing announcement confirms the close and consideration.
Which studios are under Skydance now?
The following are the main film and television studio operations identified in the combined portfolio. Their inclusion does not mean they have been dissolved or collapsed into one production label.
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| Studio or operation | Portfolio context |
|---|---|
| Paramount Pictures | Paramount studio operation |
| Warner Bros. Pictures | WBD studio operation |
| New Line Cinema | WBD film label |
| DC Studios | DC film and television studio operation |
| CBS Studios | Paramount television studio operation |
| Warner Bros. Television | WBD television studio operation |
| Skydance film and television operations | Skydance’s existing studio operations |
The post-close portfolio also includes Warner Bros. Games and Skydance game-development businesses. The available closing coverage identifies these as businesses in the portfolio; it does not establish that every unit has changed its name or operating structure. The Associated Press’ portfolio overview lists the studios and games businesses.
Which networks, streaming services, and franchises are included?
The acquisition brings together much more than production studios. AP’s post-close inventory identifies the following representative businesses and brands; it is not a title-by-title statement that every asset has identical ownership, distribution, or licensing rights.
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- Streaming: HBO Max, Paramount+, discovery+, and Pluto TV.
- Broadcast and news: CBS and its owned local stations, CNN, and CBS News.
- Entertainment and factual networks: HBO, Showtime, Cinemax, TNT, TBS, Turner Classic Movies, Comedy Central, MTV, BET, Nickelodeon, Cartoon Network, Adult Swim, Discovery Channel, HGTV, Food Network, TLC, Animal Planet, OWN, and Magnolia Network.
- Sports: CBS Sports, TNT Sports, Eurosport, and Bleacher Report.
- Other businesses: DC Comics, consumer-products licensing, studio tours, branded attractions, and games.
The libraries and brands span well-known properties such as Batman, Superman, Wonder Woman, and Aquaman; Harry Potter and Fantastic Beasts; Star Trek; Game of Thrones and House of the Dragon; Mission: Impossible; Top Gun; Transformers; The Matrix; SpongeBob SquarePants; Teenage Mutant Ninja Turtles; Looney Tunes; Scooby-Doo; Friends; The Big Bang Theory; The Sopranos; and The White Lotus. AP also notes Warner Bros. and New Line catalogs, Paramount’s catalog, much of MGM’s pre-May 1986 library held by Turner, classic RKO holdings, and Paramount’s 49% stake in Miramax. A portfolio listing is not a guarantee of full ownership or uniform rights: Miramax is explicitly a partial stake, and title and territorial rights may differ. AP’s coverage provides examples and portfolio context.
What happened to HBO Max and Paramount+?
At the time of the post-close coverage, HBO Max, Paramount+, discovery+, and Pluto TV were listed as separate services. Skydance said its direct-to-consumer streaming products would unify into one service “over time,” but did not announce a timetable in its closing statement. The announcement therefore supports a future consolidation plan, not a claim that the apps or subscriptions have already combined, or that a particular service name, price, or catalog will remain unchanged. Skydance’s announcement is the source for the stated plan.
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What does the deal mean for movies and theaters?
Skydance announced a minimum of 30 theatrical films annually and a minimum 45-day theatrical window. These are company commitments made at closing, not independently verified release results. The same announcement refers to more than 180 television shows and series in the portfolio; that is a portfolio/output statement, not a promise to release that many new shows each year. The company announcement states these figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did regulators conclude?
On June 12, 2026, the U.S. Department of Justice Antitrust Division said that after an eight-month investigation it concluded the transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or studio development, production, or theatrical film distribution. That is the agency’s conclusion about the reviewed transaction and markets—not a guarantee that the deal will have no effects on viewers, workers, theaters, or competitors. The DOJ statement provides its finding and scope.
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