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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteParamount Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026, after Netflix declined to raise its competing offer. Netflix was never the seller: WBD had first agreed to a studio-and-streaming deal with Netflix, then accepted Paramount’s superior proposal and proceeded with the sale to Paramount.
Did Paramount buy Warner Bros. from Netflix?
No. Warner Bros. Discovery was the target and seller. Netflix was a competing bidder under an earlier agreement with WBD; Paramount ultimately acquired WBD. The Associated Press reported the closing on October 6, 2026, describing the completed takeover as valued at $81 billion.
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That $81 billion figure is AP’s characterization of the completed transaction. It is not the same measure as Paramount’s announced offer of $31 per WBD share, and the two figures should not be treated as interchangeable.
How did the bidding unfold?
| Date | What happened |
|---|---|
| December 2025 | WBD agreed to a studio-and-streaming transaction with Netflix, according to AP’s retrospective account. |
| February 26, 2026 | WBD said Paramount’s revised $31-per-share, all-cash proposal qualified as a “Company Superior Proposal” under the WBD–Netflix agreement. |
| February 26, 2026 | Netflix said it would not raise its offer after WBD notified the company that Paramount’s proposal qualified as superior. |
| June 12, 2026 | The U.S. Department of Justice Antitrust Division announced its assessment of the proposed merger after investigating its competitive effects. |
| August 6, 2026 | The UK Competition and Markets Authority cleared the acquisition. |
| October 6, 2026 | AP reported that the acquisition had closed. WBD and Paramount had announced October 6 as the anticipated close date on September 30, subject to customary conditions. |
How much did Paramount offer for Warner Bros. Discovery?
WBD’s February 26, 2026 announcement described Paramount’s revised proposal as $31 per WBD share in cash. That is the per-share offer term WBD disclosed; AP separately reported the completed takeover as an $81 billion transaction. The announcement also described these provisions:
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- A ticking fee of $0.25 per share per quarter, beginning after September 30, 2026.
- A $7 billion regulatory termination fee.
- Paramount would pay the $2.8 billion termination fee WBD would owe Netflix if WBD ended its agreement with Netflix.
These were terms disclosed in WBD’s announcement of the proposal. They should not be read as confirmation that each fee was separately paid at closing.
Why did Netflix drop out of the Warner Bros. bidding?
Netflix said it declined to raise its offer after WBD notified it that Paramount’s revised proposal met the agreement’s definition of a “Company Superior Proposal.” That is the reason Netflix gave for not increasing its bid. Paramount’s offer was all cash, but the available announcements do not establish a complete, like-for-like comparison of the two bids’ financial terms or the assets included in each.
Did regulators approve the Paramount–Warner deal?
U.S. review
On June 12, 2026, the DOJ Antitrust Division said its investigation led it to determine that the proposed merger was not likely to harm competition or American consumers in streaming video on demand, linear television, or the development, production, or distribution of films for theatrical release. This was the department’s stated assessment of those markets, not a judicial finding or a conclusion about every possible effect on consumers, workers, or the entertainment industry.
UK review and litigation
The UK CMA cleared the acquisition on August 6, 2026. Paramount later said it had obtained the regulatory clearances required by the merger agreement. Litigation brought by 12 U.S. state attorneys general remained a hurdle before closing; the acquisition subsequently closed on October 6. The available closing account does not establish how that litigation was resolved.
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What does the acquisition put under one owner?
The combined portfolio brings Paramount and Warner Bros. studios and related film, television, news, and streaming businesses under Skydance’s umbrella. AP’s closing-day analysis named Paramount+, HBO Max, Discovery+, Pluto TV, CBS, and CNN among the services and networks in the portfolio.
The acquisition does not, by itself, establish what will happen to those brands or services. Plans for bundling, subscription prices, platform consolidation, content windows, newsroom operations, and staffing were not established in the available closing-day account. Those are future business decisions, not completed terms readers should assume from the sale.
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