Paramount Skydance has reached an agreement to acquire Warner Bros. Discovery for USD 111 billion, while Netflix refused to participate in the deal.
This is reported by Bloomberg.
Netflix said that after Paramount Skydance increased the offer, the value of the asset became too high, so the company stopped negotiations on the purchase. Instead, Netflix plans to allocate about USD 20 billion to develop its own streaming business.
What are the terms of the preliminary agreement with Netflix
On December 5 last year, Warner Bros. Discovery announced its agreement to sell its business, including the HBO film and television studio and the HBO Max service, to Netflix. Under the terms of that agreement, Netflix was to pay USD 27.75 per share, valuing the company at approximately USD 82.7 billion.
What did Paramount offer Warner Bros. shareholders?
After that, Paramount turned to Warner Bros. shareholders Discovery with a proposal to reject the deal with Netflix and offered USD 31 per share.
What assets will be transferred to the new owner
After the sale of Paramount Skydance will receive control over the Warner Bros. studio, streaming platforms and cable channels, including CNN, Cartoon Network, Discovery Channel, Animal Planet and HGTV.
Warner Bros. stated that the merger with Paramount Skydance will create added value for shareholders and expand the possibilities of content production. Negotiations on the sale of the company were called one of the largest in the media industry in recent years.
After the announcement of Netflix's refusal to buy the company's shares rose by 13%, while Warner Bros. securities fell due to the lack of an expected auction among potential buyers.
Recall that in December 2025, Netflix and Warner Bros. reached an agreement to purchase the Hollywood studio. The streaming service will acquire Warner Bros. for USD 82.7 billion, including HBO and the HBO Max platform.
Following reports of Netflix's plans to acquire the Warner Bros. Discovery conglomerate, Paramount has officially announced the launch of a tender offer to buy all of WBD's outstanding shares.
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