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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →No. Netflix’s proposed acquisition of Warner Bros. Discovery never closed. Paramount Skydance completed its acquisition of WBD on October 6, 2026, so Warner Bros. and HBO did not become Netflix-owned businesses.
What Netflix proposed to acquire
Netflix and Warner Bros. Discovery announced a definitive agreement on December 5, 2025. The announced plan covered Warner Bros.’ film and television studios, HBO Max and HBO, after WBD separated its Global Networks division into a new public company. Netflix and WBD described the proposed transaction as having an approximately $82.7 billion enterprise value and $72.0 billion equity value. Those were announced values for the proposed Netflix deal, not the value of a completed purchase.
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On January 20, 2026, the companies amended the agreement to an all-cash offer of $27.75 per WBD share. Closing remained conditional on the planned separation, regulatory and stockholder approvals, and other customary conditions. (Netflix and WBD announcements, December 5, 2025, and January 20, 2026.)
Why the Netflix deal fell through
On February 26, 2026, Netflix said it would not raise its offer after WBD informed the company that its board had determined Paramount Skydance’s latest proposal was a superior proposal. Netflix co-CEOs Ted Sarandos and Greg Peters said the price needed to match it made the transaction “no longer financially attractive.”
WBD’s board terminated the Netflix merger agreement on February 27, 2026, and entered into a merger agreement with Paramount Skydance. WBD’s June 2026 SEC filing says a $2.8 billion termination fee was paid to Netflix on WBD’s behalf.
What happened to HBO, Warner Bros. and the gaming business
Paramount Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026, according to the Associated Press. AP reported that HBO Max, Warner Bros. titles and networks including CNN were then under the same corporate roof as Paramount+ and CBS. The completed buyer was Paramount Skydance, not Netflix.
WBD’s SEC filing describes the company’s businesses as including interactive gaming, but its description of the terminated Netflix transaction refers to the Streaming and Studios segments, subject to specified deviations, and certain other assets and liabilities. It does not expressly settle whether a separately defined gaming segment or Warner Bros. Games would have been included in the proposed deal. Because the Netflix agreement ended before closing, no gaming business transferred to Netflix under it.
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How the two transactions differ
| Transaction | Buyer and status | Scope described in the cited sources | Stated value or consideration |
|---|---|---|---|
| Proposed Netflix transaction | Netflix; announced in December 2025, amended in January 2026, then terminated on February 27, 2026 (WBD SEC filing, June 2026). | Announced scope: Warner Bros. film and television studios, HBO Max and HBO, following a planned separation of Global Networks. The SEC filing describes Streaming and Studios and certain other assets and liabilities; it does not expressly resolve separate gaming-segment treatment. | Approximately $82.7 billion enterprise value and $72.0 billion equity value when announced (Netflix and WBD, December 5, 2025); amended proposal of $27.75 per WBD share in cash (Netflix and WBD, January 20, 2026). These are proposed-deal terms, not completed purchase consideration. |
| Paramount Skydance transaction | Paramount Skydance; completed October 6, 2026 (Associated Press). | Acquisition of Warner Bros. Discovery; AP reported HBO Max, Warner Bros. titles and CNN under the same corporate roof as Paramount+ and CBS after closing. | AP described the completed takeover as an $81 billion deal. The cited account does not provide a breakdown of final consideration comparable to the Netflix proposal terms. |
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