Netflix abandons $27.75/share Warner Bros. Discovery deal after Paramount-Skydance raises bid to $31/share, all cash; streaming giant cites deal no longer financially attractive at matching price.

Netflix ditches deal for Warner Bros. Discovery after Paramount’s offer is deemed superior

Netflix CEO Ted Sarandos arrives at the White House on Feb. 26, 2026 in Washington, DC.Andrew Leyden | Getty ImagesNetflix is walking away from a deal to buy Warner Bros. Discovery's studio and streaming assets after the WBD board on Thursday deemed a revised bid by Paramount Skydance to be a superior offer. Earlier this week, Paramount raised its bid to buy the entirety of WBD to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount's multiple offers in recent...