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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesNo—Netflix is not buying Warner Bros. Discovery (WBD). Netflix declined to match Paramount Skydance’s offer in February 2026. Paramount Skydance completed its acquisition of WBD on October 6, 2026; the combined company was announced under the name Skydance. For shareholders, the closing announcement says WBD shareholders received $31.01666668 per share, and WBD shares stopped trading on Nasdaq that day.
What happened to the Netflix deal?
Netflix had agreed to acquire WBD in December 2025, according to the U.S. Department of Justice’s account of the bidding process. The proposed transaction did not close. On February 26, 2026, WBD told Netflix that its board considered Paramount Skydance’s latest proposal a “Superior Proposal” under the existing agreement. Netflix said it would not raise its bid.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
![Best of Warner Bros. 50 Film Collection (BD) [Blu-ray]](https://m.media-amazon.com/images/I/51qrQaTrIWL._SL160_.jpg)
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Best of Warner Bros. 50 Film Collection (BD) [Blu-ray] | $259.95 | Buy on Amazon |
| 2 |
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Venture Bros.: Radiant is the Blood of the Baboon Heart (Blu-ray) | $10.89 | Buy on Amazon |
| 3 |
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Maverick (BD) | $11.99 | Buy on Amazon |
| 4 |
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Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
| 5 |
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WB 100th 25Film Collection Vol 1 Award Winners (Blu-ray) | $199.00 | Buy on Amazon |
Netflix co-CEOs Ted Sarandos and Greg Peters said the price required to match Paramount’s offer was “no longer financially attractive.” The next day, WBD and Paramount Skydance entered into a merger agreement, and the SEC-filed agreement says Netflix’s agreement was terminated concurrently. Those events ended Netflix’s role as a bidder; they did not make Netflix part of the completed transaction.
Who bought WBD, and what did shareholders receive?
Paramount Skydance acquired WBD, and the October 6 closing announcement identified the combined company as Skydance. WBD shareholders received $31.01666668 per share, according to that announcement. WBD shares ceased trading on Nasdaq on the closing date.
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The earlier merger agreement set consideration at $31 per share, plus “ticking” consideration if closing occurred after September 30, 2026. That is the agreement’s pre-closing term; the closing announcement’s per-share figure is the amount reported as paid to shareholders. The two figures describe different stages of the deal.
How to read the headline price
The Associated Press reported the deal cost as $81 billion excluding debt. Separately, AP reported Morningstar’s estimate of around $80 billion in net debt after the acquisitions. These are different measures: the $81 billion figure excludes debt, while the net-debt estimate describes debt remaining after the acquisitions. Neither should be treated as the other or as a per-share payment.
How the proposed Netflix transaction differed
The bids should not be compared as if they were identical offers. The available transaction descriptions differ in scope: Netflix’s agreement concerned a studio and streaming deal, while Paramount Skydance’s completed acquisition acquired WBD. That makes headline-price comparisons potentially misleading, especially when debt treatment also differs.
| Deal | Scope and consideration | Outcome |
|---|---|---|
| Netflix agreement | Studio and streaming transaction; the cited Netflix statement and SEC-filed Paramount agreement do not state a comparable final per-share amount for this proposed deal. | Netflix declined to match Paramount’s latest proposal on February 26, 2026; its agreement was terminated the following day, according to Netflix and the SEC filing. |
| Paramount Skydance acquisition | Acquisition of WBD; $31.01666668 per share paid at closing, according to Skydance’s October 6 announcement. AP reported an $81 billion cost excluding debt. | Completed October 6, 2026; the combined company was announced as Skydance. |
What is in the combined company?
The closing announcement describes a broad portfolio: two film studios, two global streaming services, CBS and HBO, cable networks, CBS News and CNN, sports assets, programming libraries, and brands. The Associated Press names HBO Max, Paramount+, and franchises including Star Trek, Barbie, Top Gun, Harry Potter, and Superman.
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That portfolio description does not establish what will happen next to the services or their content. The closing announcement does not say whether HBO Max and Paramount+ will be bundled, merged, rebranded, or kept separate, nor does it specify what content might move between them. It also does not settle which jobs or productions may change. The company’s announcement set a target of more than $6 billion in run-rate synergies over three years; that is a company target, not a reported result.
What regulators and courts did—and did not—decide
Regulatory review and litigation were steps toward closing, not forecasts of the company’s future performance. On June 12, 2026, the DOJ Antitrust Division said it had completed an eight-month investigation and found the transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or theatrical-film markets. The DOJ said its review covered both Netflix’s proposed acquisition and Paramount’s competing offer and involved more than two million documents from more than 80 custodians.
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- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
The UK Competition and Markets Authority records clearance on August 6, 2026. Separately, the Associated Press reported that a federal judge approved Paramount’s settlement with 12 states on September 30, clearing a legal hurdle before closing. Skydance’s closing announcement said competition authorities in nearly 70 jurisdictions had approved the transaction. These are distinct actions by regulators, a court, and the company; none guarantees future competition, consumer choice, or financial results.
Timeline of the transaction
- December 2025: Netflix entered an agreement to acquire WBD, according to the DOJ’s account of the process.
- February 26, 2026: Netflix declined to match Paramount Skydance’s latest offer after WBD’s board deemed it superior.
- February 27, 2026: WBD and Paramount Skydance signed their merger agreement; the Netflix agreement was terminated concurrently, according to the SEC filing.
- June 12, 2026: The DOJ announced its competition assessment after an eight-month investigation.
- August 6, 2026: The UK CMA recorded clearance.
- September 30, 2026: A federal judge approved Paramount’s settlement with 12 states.
- October 6, 2026: The acquisition closed, WBD shares stopped trading on Nasdaq, and the combined company was announced as Skydance.
What this means for investors and subscribers
For former WBD shareholders, the relevant immediate outcome is the reported closing payment and the end of WBD’s Nasdaq trading, not the terms Netflix might have offered in a deal that never closed. For subscribers, the transaction establishes common ownership of HBO Max and Paramount+, but the closing announcement does not specify future subscription pricing, bundling, branding, or content availability. Those product decisions remain unsettled in the company’s announcement.
Skydance also reported nearly $70 billion in revenue for the combined company. That is a company-reported figure, not an independently verified forecast of future revenue. Its separate synergy target likewise should not be treated as savings already achieved.
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