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Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026. The $2.8 billion Netflix termination fee was paid by Paramount Skydance on WBD’s behalf after WBD ended its earlier agreement to sell its streaming and studio businesses to Netflix. WBD shareholders received $31.01666668 per share in cash.
What happened to the Netflix deal?
Warner Bros. Discovery had agreed to sell its streaming and studio businesses, along with certain related assets and liabilities, to Netflix after a planned separation of its Global Linear Networks business. That transaction never closed. WBD’s board determined that a proposal from Paramount Skydance was superior, Netflix waived its right to propose revisions, and WBD terminated the Netflix merger agreement on February 27, 2026. WBD’s SEC filing records the chronology and termination.
Who paid Netflix the $2.8 billion?
Paramount Skydance paid Netflix the $2.8 billion cash termination fee on WBD’s behalf, as required under WBD’s Netflix agreement. It was a contractual fee triggered by WBD’s termination of that agreement—not money Netflix paid and not a separate payment to WBD shareholders. WBD’s filing notes that Paramount Skydance could be reimbursed in certain circumstances if its own merger agreement with WBD were terminated. The SEC filing is the source for the fee and its terms.
What did WBD shareholders receive?
Under the completed transaction, WBD shareholders received $31.01666668 per share in cash. The agreement provided for $31.00 per share plus a ticking amount if closing occurred after September 30, capped at $0.25 per 90-day period; the final amount paid was the amount reported in Skydance’s October 6 closing announcement. WBD shares ceased trading on Nasdaq effective that date.
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News reports described the takeover as an $81 billion deal. The Associated Press also cited a broader estimate of nearly $111 billion when billions of dollars of debt are included; these figures use different measures and should not be treated as interchangeable. The AP report provides that distinction.
What does the acquisition combine?
The combined company is Skydance Corporation, formerly Paramount Skydance Corporation. The acquired portfolio brings together studios, streaming services, television and cable properties, news and sports brands, and content libraries. The company’s closing announcement lists CBS, HBO, Paramount+, HBO Max, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, Comedy Central, and Pluto TV among its brands and services. Skydance’s announcement also says competition authorities covering nearly 70 jurisdictions approved the transaction; that is the company’s characterization of the approvals.
What changes for streaming subscribers?
HBO Max and Paramount+ now have the same owner. Skydance has said it plans to unify its streaming products into a single service over time, but the October 6 Associated Press coverage said a future service name, consumer pricing, and effects on choice had not been established. No combined-service launch date or price is announced in the cited coverage, so subscribers should not assume that either current app or subscription has already changed. The AP report describes the plan and the unresolved consumer questions.
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The merger places Paramount and Warner Bros. studios and their libraries under one owner, alongside major television and news outlets including CBS and CNN. That gives Skydance control of a much larger collection of entertainment and media properties, but the closing announcement and AP coverage do not establish specific future changes to film slates, newsroom operations, or programming. Treat predictions about those outcomes as uncertain rather than as completed changes.
Skydance’s closing announcement reported $47 billion in new equity investment and described projected scale and financial goals, including more than $10 billion in free cash flow expected by 2030. These are company-reported deal details and forward-looking targets, not evidence that the projected results have already been achieved. The company announcement contains the figures and attribution.
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