Netflix did not match Paramount Skydance’s higher bid for Warner Bros. Discovery (WBD), and the acquisition has since closed. As of October 6, 2026, WBD is owned by the combined company named Skydance, which includes Warner Bros., HBO and CNN. Netflix’s earlier agreement covered only WBD’s Streaming and Studios assets after a planned separation—not all of WBD.
Why did Netflix back out of the Warner Bros. deal?
Netflix chose not to raise its offer to match Paramount Skydance’s revised proposal. In its February 26, 2026 announcement, Netflix co-CEOs Ted Sarandos and Greg Peters said the price required to match was “no longer financially attractive.” They described the transaction as a “nice to have” at the right price, rather than a deal Netflix had to pursue at any price. Netflix’s announcement
| # | 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 |
This was a decision not to match, rather than a deal that Netflix had already completed and then reversed. WBD’s board had determined that the revised Paramount Skydance proposal qualified as a “Company Superior Proposal” under the Netflix agreement, which started a four-business-day period in which Netflix could respond. At that point, WBD said its Netflix agreement remained in force and the board continued to recommend it. WBD’s February 26 announcement
How the bidding and ownership changed
| Date | What happened |
|---|---|
| February 26, 2026 | WBD said its board found Paramount Skydance’s revised proposal superior under the Netflix agreement. The offer was $31 per WBD share in cash, with a ticking fee after September 30, a $7 billion regulatory termination fee, and Paramount Skydance’s commitment to pay the $2.8 billion fee WBD owed Netflix if it ended their agreement. The board’s determination began Netflix’s four-business-day match period. WBD’s announcement |
| February 26, 2026 | Netflix announced it would not increase its offer to match the revised bid. Netflix’s announcement |
| February 27, 2026 | WBD terminated its Netflix agreement and entered into a merger agreement with Paramount Skydance. Paramount Skydance paid Netflix the $2.8 billion termination fee on WBD’s behalf, according to WBD’s 2025 Form 10-K. WBD’s Form 10-K |
| October 6, 2026 | Skydance announced that the acquisition had closed after required regulatory approvals and customary closing conditions. WBD shareholders received $31.01666668 per share in cash, and WBD shares ceased trading on Nasdaq that day. Skydance’s closing announcement |
What Netflix had agreed to buy—and what Skydance acquired
The two deals had different scopes. WBD’s Form 10-K says the Netflix agreement covered WBD’s Streaming and Studios segments—including its film and television studios, HBO and HBO Max—after a planned separation and distribution of Discovery Global to WBD shareholders. The Paramount Skydance agreement instead acquired WBD. WBD’s Form 10-K
Free tools Windows power users keep installed
One-click scans. No signup required.
#1 Best Overall
- Factory sealed DVD
That distinction matters when describing the outcome: Netflix was not set to buy all of WBD, and it did not end up acquiring the assets in its agreement. The completed transaction brought WBD into the combined company, now named Skydance.
Who owns Warner Bros., HBO and CNN now?
Skydance owns WBD following the October 6, 2026 closing. The combined portfolio includes Warner Bros. and another major film studio, HBO, CNN, CBS, cable networks, sports assets, libraries and franchises. Skydance’s closing announcement also describes the portfolio as including two global streaming services. Skydance’s closing announcement
So, yes: Paramount Skydance’s acquisition included CNN. The buyer was called Paramount Skydance when it made the offer; the combined company’s current name is Skydance.
What happens to HBO Max and Paramount+?
The closing announcement confirms that the combined portfolio includes two global streaming services, but it does not specify their future branding, packaging or integration. It therefore does not establish whether HBO Max and Paramount+ will remain separate, be bundled, or change in some other way.
Recommended Free Tools
Rank #3
- Maverick [Blu-ray]
- PHYSICAL_MOVIE
- warner home video
What the announced plans do—and do not—tell viewers
At closing, Skydance announced a commitment to release at least 30 theatrical films per year, with a minimum 45-day theatrical window, and said the portfolio includes more than 180 television shows. These are company-announced commitments and figures, not independent measures of future output or performance. Skydance’s closing announcement
The change in ownership alone does not establish future programming decisions, newsroom editorial policy, job effects, realized cost savings or competitive consequences. The closing materials do not announce those outcomes.
Quick Recap
Rank #4
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
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.
