Warner Bros. Discovery and Paramount Skydance have reached a definitive agreement for Paramount to acquire Warner Bros. Discovery in a deal valued at $110 billion, ending a weeks-long bidding war that saw Netflix withdraw its own offer.
The agreement, announced on February 27, 2026, marks a significant shift in the media landscape, potentially reshaping the streaming and studio businesses. Netflix’s decision to walk away from negotiations cleared the path for Paramount, led by producer David Ellison, to secure the deal, according to reports from the Associated Press and Reuters.
The bidding war for Warner Bros. Discovery, home to iconic franchises like “Harry Potter” and “Game of Thrones,” had been closely watched within the industry. Netflix’s initial interest signaled a potential major consolidation play, but the company ultimately determined not to increase its offer, a move described as “stunning” by the New York Times.
Paramount’s successful bid culminates a period of intense negotiation and speculation. The deal brings together Paramount’s film and television assets, including CBS and Nickelodeon, with Warner Bros. Discovery’s extensive library and HBO Max streaming service. The combined entity will represent a formidable competitor in the increasingly crowded streaming market.
According to CNBC, the Warner Bros. Discovery board ultimately favored Paramount’s revised bid, deeming it superior to Netflix’s final offer. Details of the specific terms of the agreement beyond the $110 billion valuation have not been disclosed.
The acquisition is expected to face regulatory scrutiny, given the size and scope of the combined companies. Antitrust concerns could potentially delay or alter the terms of the deal. As of Saturday, February 28, 2026, neither Paramount nor Warner Bros. Discovery have commented on the anticipated regulatory review process.
