Paramount Wins Bidding War for Warner Bros/Discovery After Netflix Pulls Out
Last-minute offer by the Ellison family deemed superior.
Paramount Skydance finally won the bidding war for Warner Bros. Discovery after Netflix pulled out of negotiations, saying it wouldn’t match the 11-hour David Ellison offer for the iconic Hollywood company.
Netflix is declining to raise their bid to buy Warner Bros.
Paramount is now expected to acquire the studio. pic.twitter.com/ccl9KFlKjI
— DiscussingFilm (@DiscussingFilm) February 26, 2026
BREAKING: Paramount wins the bidding war for Warner Bros. after Netflix withdrew
Paramount will now own:
-CNN
-CBS
-HBO
-MTV
-Paramount+
-Nickelodeon
-Comedy Central
-Showtime
-TNT
-TBS
-Adult Swim& More pic.twitter.com/HgT5iycXbG
— Benny Johnson (@bennyjohnson) February 27, 2026
The Wall Street Journal reported:
“Netflix pulled the plug on its deal soon after the Warner board of directors said it determined Paramount’s $31-per-share offer for the entire company was superior to Netflix’s bid for Warner’s movie and television studios and HBO Max streaming service. Paramount is now poised to take control of the entertainment company, home to properties and brands including HBO, Superman and Harry Potter.
‘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’, Netflix co-CEOs Ted Sarandos and Greg Peters said in a statement. ‘This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price’, the pair said.”
Once the acquisition is approved by regulators, Paramount will own Warner Bros, HBO and many popular cable networks such as CNN, TNT, TBS and Food Network.
The Trump Administration now controls Paramount AND Warner Bros.. pic.twitter.com/d3t81FdHYU https://t.co/Pnlly32OLP
— ໊ (@wandasattorney) February 26, 2026
The Telegraph reported:
“It marks a stunning victory for billionaire Larry Ellison and his son David, who runs Paramount. The Ellisons, close allies of Donald Trump, have been building a media empire in recent years and had seen acquiring Warner Bros as a key part of their plans.
Paramount has been seeking to derail the Netflix bid since the start of the year, making unsolicited counter offers and stressing the regulatory risks involved in the current deal.”
Donald Trump will now have full control over the “Game of Thrones” franchise after Warner Bros. was acquired by MAGA ally Larry Ellison’s Paramount.
Follow: @NewsBarron pic.twitter.com/B1VDSaCLkf
— News Barron (@NewsBarron) February 27, 2026
“David Ellison, chairman and chief executive of Paramount, said on Thursday night: ‘We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing.’
Paramount said the Ellison Trust would provide $45.7bn of equity towards the deal, backstopped by Mr. Ellison’s tech billionaire father Larry. Bank of America Merrill Lynch, Citi and private equity giant Apollo have agreed to provide $57.5bn of debt.”
UPDATE: Warner Bros reportedly signs $110 billion deal with Paramount, according to a Reuters report:
“Warner Bros Discovery has agreed to be acquired by Paramount Skydance in a $110 billion deal signed Friday morning, according to an audio clip of a global townhall by the company, which was reviewed by Reuters.
‘Netflix had the legal right to match the PSKY offer. As you all know, they ultimately decided not to do that. That then resulted in a signed agreement with PSKY as of this morning. So that’s where everything stands’, Bruce Campbell, Warner Bros’ chief revenue and strategy officer, said in the townhall.”
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