<p>In a stunning twist in the months-long war between Netflix and Paramount over which company would purchase Warner Bros., the streaming giant has <a href="https://www.hollywoodreporter.com/business/business-news/netflix-backs-out-warners-deal-paramount-win-1236516763/">bowed out</a>.</p>
<p>After Warner Bros. released a statement on Thursday saying that the company’s board of directors viewed Paramount’s latest offer as a “<a href="https://ir.wbd.com/news-and-events/financial-news/financial-news-details/2026/Warner-Bros--Discovery-Board-of-Directors-Determines-Revised-Proposal-from-Paramount-Skydance-Constitutes-a-Company-Superior-Proposal/default.aspx">superior proposal</a>,” and that Netflix had four days to respond, the streamer backed out of the bidding war.</p>
<p>&#8220;Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a &#8216;Company Superior Proposal,'&#8221; Warner Bros. stated in their <a href="https://ir.wbd.com/news-and-events/financial-news/financial-news-details/2026/Warner-Bros--Discovery-Board-of-Directors-Determines-Revised-Proposal-from-Paramount-Skydance-Constitutes-a-Company-Superior-Proposal/default.aspx">press release</a>.</p>
<p>Netflix Co-CEOs Ted Sarandos and Greg Peters responded in a <a href="https://ir.netflix.net/investor-news-and-events/financial-releases/press-release-details/2026/Netflix-Declines-to-Raise-Offer-for-Warner-Bros-/default.aspx">statement</a> of their own.</p>
<p>“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,” Sarandos and Peters said.</p>
<p>The company heads added that they believe Netflix would have taken good care of the Warner Bros. IP (intellectual property) and “strengthened the entertainment industry and preserved and created more production jobs in the U.S.”</p>
<p>“But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” they concluded.</p>
<p>Paramount’s most recent bid raised the per-share price to $31, and featured a ticking fee, which would have paid shareholders if the deal took too long to come to fruition. Additionally, the company offered a $7 billion breakup fee, which would be paid if the deal were to fall through due to regulatory issues, and a nearly $3 billion fee that Warner Bros. owes Netflix as a result of their prior deal not materializing.</p>
<p>Netflix’s last offer was valued at $82.7 billion, and was aimed at purchasing Warner Bros.’ film and streaming divisions (HBO Max), as well as DC Comics. Paramount, on the other hand, would be purchasing all of Warner Bros. Discovery, including its linear and cable TV networks.</p>
<p>There has been much consternation in Hollywood, especially following the Disney-Fox acquisition, over the Warner Bros. bidding war, with many in the industry voicing concerns that further media consolidation would do irreparable damage to the movie and TV business, with lost jobs and fewer options for creatives.</p>
<p>Though neither company (Paramount or Netflix) were favored by those in the industry, Netflix was viewed with a particularly skeptical eye as some questioned the streaming giant’s commitment to the theatrical experience. Others view Paramount CEO David Ellison&#8217;s apparently close relationship with the Trump administration as a reason for pause.</p>

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There’s A Winner In The Netflix/Paramount Bidding War