Paramount Skydance emerged as the winner in a months-long battle to acquire Warner Bros Discovery after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.
The decision was confirmed by Netflix co-chief executives Ted Sarandos and Greg Peters, who said the company would maintain a disciplined investment strategy and would not pursue the acquisition at any cost.
"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," Netflix said in a statement.
The withdrawal means Paramount Global is now positioned as the main bidder for Warner Bros. Discovery, though the deal will still require approval from U.S. regulators before completion.
"Once our board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders," Warner CEO David Zaslav said in a statement.
"We are excited about the potential of a combined Paramount Skydance and Warner Bros Discovery and can’t wait to get started working together telling the stories that move the world," Zaslav added.
The proposed acquisition would combine Warner Bros. Discovery’s film and television studios, streaming operations including HBO Max and HBO, and media networks such as CNN and CBS News.
The merger will be subject to U.S. antitrust review. Some lawmakers and industry groups have warned that further consolidation among major Hollywood studios could weaken competition in the entertainment sector.
Paramount’s consortium has secured financing commitments, including about $45.7 billion in equity backing linked to investment structures associated with technology billionaire Larry Ellison.
The proposal also includes a potential $7 billion termination fee if the transaction is blocked due to regulatory rejection.
The auction attracted political and regulatory scrutiny due to the scale of the companies involved.
U.S. President Donald Trump had previously commented on some Warner Bros. assets, including suggesting that CNN could be sold during any corporate restructuring. However, there is no confirmed evidence that political pressure directly influenced the bidding outcome.
Netflix’s decision followed investor concerns and share price volatility since it first emerged as the leading bidder in December 2025 with a proposal valued at about $82.7 billion.
Netflix’s original proposal targeted selected Warner assets, including film studios and streaming operations, at about $27.75 per share.
Paramount later increased its all-cash offer to $31 per share, which the Warner Bros. Discovery board described as the superior bid.
If approved, the merger would give Paramount control of a broad entertainment and news portfolio spanning film libraries, television channels and streaming platforms.
The regulatory review process is expected to take several months. Executives at Warner Bros. Discovery have said the combination could create shareholder value if completed.
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