BUSINESS

Netflix Withdraws as Paramount Tops Warner Bros Bids

PUBLISHED Feb 26, 2026, 2:00 AM ET

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Netflix Withdraws as Paramount Tops Warner Bros Bids

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Sources: 11

Center 91%

Right 9%

Sources: 11

Los Angeles — Netflix declined to raise its offer to acquire Warner Bros. Discovery on Thursday, effectively ceding the lead to Paramount Skydance after the target's board identified Paramount's revised proposal as a company superior proposal. Netflix said the revised price made the transaction no longer financially attractive and reiterated its December agreement valued at about $82.7 billion. Paramount offered about $31 per share with additional fees, valuing the bid significantly higher overall. Warner's board maintained its recommendation for shareholders to consider the Netflix agreement and set a shareholder vote for March 20. Based on 8 articles reviewed and supporting research.

By James Porter | JQJO News

Timeline of Events

December 2025: Netflix signs definitive agreement to acquire WBD for about $82.7 billion.
Shortly after: Paramount launches an all-cash $30-per-share hostile bid for WBD.
Late February 2026: Paramount submits an improved proposal (reported at $31 per share plus fees).
Feb 26–27, 2026: WBD's board deems Paramount's proposal a 'Company Superior Proposal'; Netflix declines to increase its offer.
March 20, 2026: Shareholder vote scheduled to consider the Netflix agreement and competing proposals.

News Intelligence

This business shakeup could impact your streaming choices. If Paramount acquires Warner Bros. Discovery, they could add new content to their platform. Keep an eye on your Netflix and Paramount subscriptions. You might see changes in the available shows and movies.

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