Updated February 26, 2026, at 11:35 p.m.
In a huge turnaround, Netflix has refused to increase its bid to acquire Warner Bros. The SVOD service has therefore withdrawn its proposal, which is now expected to be won by Paramount.
Netflix’s co-CEOs have issued a statement.
“The transaction we negotiated would have created value for shareholders and had a clear path to regulatory approval. However, we have always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive. Therefore, we are declining to match Paramount Skydance’s offer.”
Original article
Netflix’s takeover of Warner Bros. Discovery is faltering. On February 17, Paramount successfully reopened discussions to counter the acquisition. It appears that these negotiations have borne fruit.
On Thursday, Warner Bros.’ board of directors deemed Paramount’s offer “more advantageous” and is now giving Netflix five days to revise its proposal. The SVOD giant therefore has until March 5, 2026, at 5:59 a.m. Paris time to keep control of the deal.
“At the end of this period, if the Board of Directors determines in good faith, after consulting with its independent financial and legal advisors, that, after reviewing any revisions to the terms of the merger agreement proposed by Netflix, Paramount Skydance’s proposal continues to constitute a superior proposal for the company, WBD would be entitled to terminate the merger agreement with Netflix.”
Of course, Paramount CEO David Ellison welcomed the announcement, saying it “offers WBD shareholders superior value, certainty, and speed of closing.” Finally, Netflix co-CEO Ted Sarandos is reportedly in Washington, D.C., to convince the Trump administration about the deal.
