Netflix explained that "the amount required to match the latest offer from Paramount Skydance makes the deal economically unfeasible." The streaming service noted that it views a potential deal as "a nice addition," but not as "a mandatory purchase."
After the announcement of the cessation of the fight for Warner Bros., Netflix's shares increased by 8%, according to Bloomberg data.
Context of the Situation
For several months, Paramount and Netflix have been competing for the assets of Warner Bros. On December 5, 2025, Netflix announced its intention to acquire the Warner Bros. studios and the HBO Max streaming service for $82.7 billion (at $27.75 per share). In turn, Paramount initially offered to buy all of Warner Bros., including channels such as CNN, TNT Sports, and Discovery, for $108 billion ($30 per share), and then increased the amount to $31 per share. Paramount Skydance also agreed to cover a $2.8 billion penalty that Warner Bros. would have to pay Netflix in the event of a breakup of the previous agreement.
