Netflix has dropped its attempt to acquire Warner Bros Discovery. This means Paramount Skydance is now likely to win the competition to buy the studio after several months of bidding.
Netflix, the leading streaming service, didn’t increase its offer to acquire Warner Bros Discovery. Warner Bros Discovery had decided a competing bid from Paramount Skydance was better, after having put itself up for sale last year.
Netflix leaders Ted Sarandos and Greg Peters announced on Thursday, February 26th, that they wouldn’t try to outbid Paramount because the price had become too high.
Paramount has increased its offer to buy Warner Bros. Discovery (WBD) to $31 per share, a slight increase from $30. This new offer values WBD at $111 billion, including its debts, which translates to roughly £82.4 billion.
After initially considering a purchase of Warner Bros. for $81 billion, Netflix has decided not to pursue the deal and has withdrawn from the bidding.
Sarandos and Peters explained that the deal they were working on would have benefited shareholders and likely been approved by regulators. However, they emphasized that they always make careful and considered decisions.
I have to say, the team really emphasized their gratitude towards David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer, and the entire Warner Bros Discovery board. They specifically wanted to acknowledge what they felt was a really fair and thorough process throughout everything. It felt like a genuine expression of appreciation for how they were treated during the deal.
We were confident we could have successfully managed Warner Bros.’ well-known brands. We also believe our plan would have boosted the entertainment industry and created more jobs for American film and television crews.
Honestly, I never saw this as a deal I needed to make, more something I’d be happy to do if the price was right. It wasn’t a priority, you know? Just a potential bonus if everything lined up.
Netflix reported that their business is doing well, experiencing solid growth thanks to their content and excellent streaming platform.
This year, we plan to invest around $20 billion in high-quality movies and shows, broadening our entertainment options. We’re also restarting our program to buy back company shares, in line with our financial strategy.
The company stated it will keep focusing on what has made it successful for over two decades: satisfying customers, increasing profits, and delivering value to investors.
With Netflix no longer in the running, Paramount is now the leading contender to acquire the media company behind popular franchises like Harry Potter and Game of Thrones.
Before a Paramount deal is guaranteed, however, it will still need formal regulatory approval.
Authors
Molly Moss writes about the newest trends in television, movies, and other entertainment for TopMob. She has a master’s degree in journalism and has contributed to major publications like The Guardian, The Times, and The Sun Online.
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2026-02-27 14:36