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No—Netflix did not buy Warner Bros. or HBO. It agreed in December 2025 to acquire Warner Bros.’ film and television studios, HBO Max, and HBO, but withdrew in February 2026 after Warner Bros. Discovery’s board accepted a competing Paramount Skydance proposal as superior. As of October 4, 2026, Paramount’s merger with WBD was expected to close on October 6; it had not yet closed.
What Netflix had agreed to buy
Netflix’s December 5, 2025 agreement covered Warner Bros.’ film and television studios, HBO Max, and HBO. The plan depended on a separation of WBD’s global networks division, so it was not an offer for all of WBD. Netflix described the proposed combination as a way to pair its worldwide distribution and streaming service with Warner’s production capabilities, library, and franchises. Netflix’s announcement of the proposed agreement
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Netflix announced a proposed value of $27.75 per WBD share, made up of cash and Netflix stock. It put the proposed transaction at approximately $82.7 billion in enterprise value and $72.0 billion in equity value. These were terms for the proposed Netflix transaction—not money paid for a completed acquisition and not the valuation of Paramount’s competing merger.
Netflix also projected at least $2–3 billion in annual cost savings by the third year and said it expected the transaction to become accretive to GAAP earnings per share by year two. Those were Netflix’s forecasts for the deal it later abandoned, not realized savings or earnings results.
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Why Netflix walked away
On February 26, 2026, Netflix said WBD had informed it that the board considered Paramount Skydance’s latest proposal a “Superior Proposal” under the agreement. Netflix chose not to raise its offer, saying a higher price would make the acquisition no longer financially attractive. Netflix’s February 26 statement
In a joint statement issued by Netflix on February 26, co-CEOs Ted Sarandos and Greg Peters said: “But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.” In practical terms, Netflix declined to keep bidding once it judged the price no longer made sense for the company.
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How the Netflix proposal differed from Paramount’s
The bids differed in both scope and status. Netflix’s abandoned proposal targeted Warner’s studios and streaming assets after a planned networks separation; Paramount’s competing proposal covered all of Warner Bros. Discovery.
| Proposal | Assets covered | Reported value | Status as of October 4, 2026 |
|---|---|---|---|
| Netflix, announced 2025 | Warner Bros. film and television studios, HBO Max, and HBO, following a planned separation of WBD’s global networks division | Approximately $82.7 billion enterprise value and $72.0 billion equity value; Netflix’s proposed terms were $27.75 per WBD share | Withdrawn in February 2026 after Netflix declined to match Paramount’s superior proposal |
| Paramount Skydance, reported 2026 | All of Warner Bros. Discovery | Associated Press reported an $81 billion merger | Expected to close October 6, 2026; not completed as of October 4 |
The figures describe different proposals at different times and should not be treated as directly interchangeable measures. The Netflix figures came from its announced transaction terms; the Paramount figure was reported by the Associated Press for the pending merger. Associated Press report dated September 30, 2026
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- Brand: WB
Who was buying Warner Bros. on October 4, 2026?
Paramount Skydance was pursuing the entire WBD company after displacing Netflix’s proposal. On September 30, the Associated Press reported that a federal judge had approved a settlement with 12 states that had sued to block the takeover. The companies then expected to complete their $81 billion merger on October 6—two days after the date covered here. That was an expected closing date, not confirmation that the merger had closed.
Because the reported closing was imminent, the status can change quickly. The latest cited account establishes what was expected on September 30; it does not establish what happened after October 4.
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Why the proposed merger matters to viewers and the industry
A Paramount-WBD combination would bring together major entertainment and media assets. The Associated Press described HBO Max and CNN joining CBS, Paramount+, and Paramount properties. That makes the proposed deal relevant beyond streaming: it involves film and television production, subscription services, and news and cable brands.
The combination also drew scrutiny over further consolidation among a small number of major entertainment companies. But a pending merger does not establish what viewers will ultimately experience. The sources available for this account do not determine future catalog availability, subscription prices, whether services will be combined, or what will happen to jobs and production. Those details should not be inferred from the announced deal alone.
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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.
