Did Netflix buy Warner Bros.? No. Netflix proposed buying Warner Bros. Discovery in December 2025, but withdrew rather than match a competing offer. Paramount, owned by Skydance, completed its takeover of Warner Bros. Discovery on October 6, 2026, according to The Associated Press. Franchises Netflix once said could join its portfolio are not evidence that Netflix owns them today.
Did Netflix buy Warner Bros.?
No. Netflix announced a proposed acquisition on December 5, 2025; the agreement did not close. On February 26, 2026, Netflix said it would not raise its offer after Warner Bros. Discovery’s board determined that Paramount Skydance’s proposal was superior. AP reported that Skydance-owned Paramount completed its takeover of Warner Bros. Discovery on October 6, 2026.
The distinction matters: Netflix’s announcement described what might happen if its proposed transaction were completed. It was not a record of assets Netflix had acquired. Netflix’s deal valued the proposed transaction at $82.7 billion in enterprise value and $72.0 billion in equity value; those figures applied to Netflix’s proposal, not the completed Paramount takeover. AP reported the completed takeover as an $81 billion deal.
Who owns Warner Bros. now?
Following the takeover reported as completed on October 6, 2026, Warner Bros. Discovery is under the same ownership umbrella as Paramount and CBS. AP described Warner properties including Harry Potter and HBO Max as part of that umbrella. This answers the corporate-ownership question; it does not establish where every title can be streamed or the precise scope of every licensing right.
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Which franchises did Netflix say might join it?
Netflix’s December 5, 2025 announcement named properties that would join its portfolio if the acquisition went ahead. They are useful examples of the proposed deal’s reach, not a list of franchises Netflix ultimately acquired.
- Harry Potter: Named in a statement by Netflix co-CEO Ted Sarandos.
- DC Universe: Included among the properties Netflix said would join it.
- Game of Thrones: Named as one of Warner’s major properties in Netflix’s announcement.
- Friends: Mentioned by Sarandos as a property that could join Netflix.
- The Big Bang Theory: Included in the announcement’s examples.
- The Sopranos: Included in the announcement’s examples.
- The Wizard of Oz: Included in the announcement’s examples.
Netflix also named HBO and HBO Max as part of the proposed acquisition. These were part of the transaction’s stated scope, not services Netflix acquired through this deal.
Why did Netflix walk away?
Netflix said Warner Bros. Discovery had informed it that the board considered Paramount Skydance’s latest proposal a “Superior Proposal.” Netflix’s co-CEOs Ted Sarandos and Greg Peters said the company would not match the bid because, at the price required, the transaction was “no longer financially attractive.” Netflix also said it had been disciplined about the price it was willing to pay.
That withdrawal ended Netflix’s proposed path to owning Warner Bros. and the properties it had listed. The subsequent Paramount takeover, rather than Netflix’s earlier announcement, determines the ownership outcome reported in October 2026.
Does Paramount’s ownership mean every Warner title is on Paramount+?
No conclusion about a specific title’s streaming home follows from corporate ownership alone. The sources reporting the transaction do not provide a complete territory-by-territory inventory of streaming availability, distribution agreements, or individual licensing rights. A franchise may be owned by a company while a particular film or series is licensed to another service, and availability can vary by country and time.
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