Paramount Skydance won the bidding war to acquire Warner Bros. Discovery for approximately $111 billion. The board accepted Paramount’s $31-per-share all-cash offer over a competing proposal from Netflix.
Netflix withdrew its bid on February 26, 2026, after declining to match the higher price. The company stated the new valuation was no longer financially attractive for its studio and streaming asset acquisition.
Shareholders approved the merger in April 2026. The U.S. Department of Justice and several international regulators have granted clearance for the deal.
The merger currently faces delays due to legal challenges from multiple U.S. state attorneys general.