Warner Bros. Discovery (WBD) held its final upfront presentation as an independent company. Paramount Skydance outbid Netflix to acquire WBD’s assets, including its cable networks and the ad-supported version of HBO Max.
The transaction closes in September 2026. WBD executives acknowledged the transition by referring to Paramount Skydance CEO David Ellison as the elephant in the room. This event serves as a public marker for the major media acquisition.