Netflix All But Assures a Paramount Takeover in Warner Bros. Bidding War

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Published Feb 26, 2026, 6:27 PM EST

In addition to being a die-hard fan of filmmaking, television, video gaming, and anything else with a gripping narrative, Aidan Kelley is also a passionate and detail-oriented writer and journalist at Collider.com. In addition to his work as a Senior Resource Writer, Aidan has also contributed to Collider's features and news reporting sections. He has covered major industry events, such as San Diego Comic-Con and the D23 Expo, and has had the privelege of interviewing industry stars like Bruce Campbell, Maggie Q, Chad Stahelski, and more. This sincere love for the art of storytelling began at a young age, with Aidan making video movie reviews for the news program at his local high school. That love only increased over the years, with an ongoing career in independent filmmaking and screenwriting after graduating with a degree in Film and television from DePaul University.

In an absolutely shocking upset, Netflix will no longer be purchasing Warner Bros. Discovery. This comes in the brutal aftermath of a hostile takeover bid from Paramount, which put forth an offer that WBD branded as "superior." Despite being given four business days from Warner Bros. to outbid Paramount's new offer, Netflix has already officially declined.

In an official statement, Netflix CEOs Ted Sarandos and Greg Peters provided the following explanation for why Netflix has decided not to pursue a subsequent bid for one of the largest media conglomerates in the entertainment world:

"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid."

The move comes as a complete shock, given Netflix's already astronomical $83 million offer to buy WBD. Regardless, Sarandos and Peters also stated that there were no hard feelings toward Warner Bros., praising the company's lead players, including CEO David Zaslav, for their "fair and rigorous process." Netflix's unexpected bowing out of the merger proceedings all but confirms that Paramount will take over the home of DC Comics, Harry Potter, Game of Thrones, and more, but the merger's not out of the woods yet.

Now comes a long and rigorous process of getting the merger approved through various legal channels, with U.S. Senator Corey Booker already calling for Paramount CEO David Ellison to testify before the Senate. Netflix, Paramount, and WBD deal, in general, have already been subjected to intense political pressure during the bidding war, with President Donald Trump even recently demanding that Netflixfire former U.S. Ambassador to the UN and current Netflix board member Susan Rice or "pay the consequences." An ominous statement given the ongoing merger negotiations, but whether the president's comments affected the talks is not yet apparent.

What's Next for Warner Bros. Under Paramount's Management?

Already the home of TV empires like the various Taylor Sheridan shows and blockbuster franchises like Transformers and Teenage Mutant Ninja Turtles, Paramount's vast entertainment empire is only going to expand further thanks to WB's catalog. Still, new management understandably raises questions for some of the company's biggest newcomers, such as James Gunn's still-young DC Universe and HBO's ambitious Harry Potter reboot. It's all but impossible to predict the future of the company under Paramount's leadership, but it is fitting that Succession is a part of WB's repertoire, as that show's grand finale has essentially come to life following Paramount and Netflix's war to control Warner Bros.