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Netflix did not buy WB Games. Warner Bros. Discovery terminated its proposed Netflix merger agreement on February 27, 2026, before that deal could close. Paramount Skydance later completed its acquisition of Warner Bros. Discovery on October 6, 2026, forming the combined company Skydance. Gaming was part of WBD’s business, but the available announcements do not provide a definitive post-close list of the studios or franchises and their ownership.
Did Netflix buy WB Games?
No. Netflix and Warner Bros. Discovery announced a proposed acquisition agreement in December 2025, but the transaction was terminated before completion. The agreement therefore did not transfer Warner Bros. Games, its studios, or associated properties to Netflix.
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Netflix said on February 26, 2026, that it would not raise its offer after WBD’s board determined Paramount Skydance’s proposal was superior. The next day, WBD’s SEC filing stated that it had terminated the Netflix merger agreement in connection with entering into an agreement with Paramount Skydance. Netflix’s February 26 announcement and WBD’s SEC filing dated February 27 document those steps.
Who acquired Warner Bros. Discovery?
Paramount announced that it completed its acquisition of Warner Bros. Discovery on October 6, 2026, creating the combined company Skydance. The Associated Press also reported the completed acquisition and included video games among the assets in the portfolio. Paramount’s completion announcement and the AP report confirm the close.
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This means the completed transaction was Paramount Skydance’s acquisition of WBD—not Netflix’s proposed purchase of Warner Bros. Netflix’s original announcement described the businesses it planned to acquire as Warner Bros.’ film and television studios, HBO Max, and HBO, following a planned separation of Discovery Global. That proposed scope did not become a completed Netflix acquisition. Netflix and WBD’s December 5, 2025 announcement describes the original agreement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to WB Games and its franchises?
WBD’s SEC filing described interactive gaming as part of its business portfolio, and the AP report on the completed deal cited video games among the portfolio’s assets. Those sources establish that gaming was within the broad WBD business context involved in the Paramount Skydance acquisition.
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They do not, however, enumerate the present legal or operational disposition of each WB Games studio or franchise after closing. It would be inaccurate to treat a guessed studio roster as a confirmed post-acquisition inventory. The available sources support the broad ownership context, not a studio-by-studio breakdown.
Hogwarts Legacy is one example of a game associated with Warner Bros. Games: a secondary source identifies it as an Avalanche Software game. That association does not mean Netflix owns the game. The secondary source’s game listing is not evidence of Netflix ownership or of a post-close ownership change.
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Key dates in the Warner Bros. deal
| Date | What happened |
|---|---|
| December 5, 2025 | Netflix and WBD announced a definitive agreement for Netflix to acquire Warner Bros. following a planned separation of Discovery Global. Announcement. |
| February 26, 2026 | Netflix said it would not raise its offer after WBD’s board determined Paramount Skydance’s proposal was superior. Netflix announcement. |
| February 27, 2026 | WBD’s SEC filing said the Netflix merger agreement was terminated in connection with the Paramount Skydance agreement. The filing also described interactive gaming as part of WBD’s business. SEC filing. |
| October 6, 2026 | Paramount announced that its WBD acquisition had closed and that the combined company was Skydance. Completion announcement; AP report. |
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