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No. Netflix did not ultimately win the bidding war for Warner Bros. Discovery (WBD). Netflix declined to match Paramount Skydance’s revised offer on February 26, 2026, and Paramount Skydance completed its acquisition of WBD on October 6, 2026.
What happened to Netflix’s Warner Bros. deal?
Netflix and WBD announced a definitive agreement on December 5, 2025. Netflix was to acquire Warner Bros.’ film and television studios, HBO and HBO Max, after WBD separated its Global Networks division, Discovery Global, into a new publicly traded company. The agreement was a proposed transaction, not a completed acquisition.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
![Best of Warner Bros. 50 Film Collection (BD) [Blu-ray]](https://m.media-amazon.com/images/I/51qrQaTrIWL._SL160_.jpg)
|
Best of Warner Bros. 50 Film Collection (BD) [Blu-ray] | $259.95 | Buy on Amazon |
| 2 |
|
Venture Bros.: Radiant is the Blood of the Baboon Heart (Blu-ray) | $10.89 | Buy on Amazon |
| 3 |
|
Maverick (BD) | $11.99 | Buy on Amazon |
| 4 |
|
Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
| 5 |
|
Rebel Without a Cause (4K Ultra HD + Blu-ray) | $14.99 | Buy on Amazon |
Netflix announced terms of $82.7 billion in enterprise value and $72.0 billion in equity value, with $27.75 per WBD share in cash and stock. Those figures describe Netflix’s original 2025 agreement, not Paramount Skydance’s later acquisition. Netflix’s December 5, 2025 announcement set out the deal and its planned separation condition.
Why did Netflix drop out?
On February 26, 2026, WBD’s board classified Paramount Skydance’s revised proposal as a superior proposal. WBD described it as an all-cash offer of $31 per share and said Netflix had four business days to propose revisions. At that point, WBD said its Netflix merger agreement remained in effect and the board had not withdrawn or changed its recommendation of that deal. WBD’s February 26 announcement explains the board’s determination and the match period.
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- Factory sealed DVD
Netflix declined to raise its offer that day, saying the price required to match Paramount Skydance’s proposal made the transaction no longer financially attractive. In a joint statement, co-CEOs Ted Sarandos and Greg Peters said Netflix considered the transaction “a ‘nice to have’ at the right price, not a ‘must have’ at any price.” Netflix’s statement gives the company’s explanation.
How the two proposals differed
| Proposal | Transaction scope | Offer structure and stated value | Status |
|---|---|---|---|
| Netflix, announced December 5, 2025 | Warner Bros.’ studios, HBO and HBO Max, following a planned separation of WBD’s Global Networks division | $27.75 per WBD share in cash and stock; $82.7 billion enterprise value and $72.0 billion equity value, as announced by Netflix | Proposed agreement; Netflix did not match Paramount Skydance’s later offer |
| Paramount Skydance, revised proposal identified as superior February 26, 2026 | All of WBD | $31 per share in cash, according to WBD’s announcement | Acquisition completed October 6, 2026 |
The bids were not for identical packages: Netflix’s proposed deal covered Warner Bros.’ studios and streaming assets after a planned separation, while Paramount Skydance sought the whole company. The per-share terms and headline transaction values therefore should not be treated as directly interchangeable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who bought Warner Bros. Discovery?
Paramount Skydance bought WBD. The acquisition closed on October 6, 2026. The Associated Press reported the takeover as $81 billion, nearly $111 billion including debt; those figures refer to Paramount Skydance’s acquisition, not Netflix’s earlier proposal. The Associated Press reported the closing on October 7, 2026.
Quick Recap
Rank #4
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
Rank #3
- Maverick [Blu-ray]
- PHYSICAL_MOVIE
- warner home video
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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