Warner Bros Strikes $110 Billion Paramount Pact, Outmaneuvers Netflix

In a landmark deal reshaping the global media landscape, Warner Bros. Discovery has agreed to be acquired by Paramount Skydance under a definitive $110 billion merger agreement, following Netflix’s decision to withdraw from the takeover battle. The announcement, made Friday by company executives, caps a multi-month bidding war that drew intense scrutiny across the entertainment sector.

The transaction values the combined entity at roughly $110 billion, including assumed debt, and is expected to close by the third quarter of 2026, subject to regulatory approval and shareholder votes. Paramount’s bid of $31 per share was deemed a “superior proposal” by Warner’s board compared with Netflix’s earlier offer, prompting Netflix to decline a counterbid at that price.

Paramount’s acquisition plan encompasses a vast array of entertainment assets, from studios and streaming platforms to broadcast networks. If completed, the merged company would control prolific content libraries and major brands, including franchises like HBO Max, CNN, CBS and blockbuster movie series. Proponents argue this consolidation could better position the combined media powerhouse to compete in an increasingly fractured streaming market.

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Netflix, which had initially bid to acquire portions of Warner Bros.’ studios and streaming services, opted not to match Paramount’s offer after weighing financial and strategic considerations. In its statement, Netflix leadership said the higher price made the proposed deal “no longer financially attractive,” a decision that was positively received by investors, with the company’s shares rising on the news.

However, the deal faces significant regulatory scrutiny. California officials have pledged “vigorous” review over potential antitrust issues, and similar investigations could emerge at the federal and international level. Critics from industry groups and some lawmakers have voiced concerns that the merger could stifle competition and reduce diversity in media production and distribution.

As the entertainment world awaits formal closing of the deal, industry watchers predict the consolidation will have far-reaching impacts — from content creation and distribution strategies to employment and competitive dynamics among streaming platforms. Paramount and Warner Bros. Discovery executives have said they anticipate regulatory clearance, but emphasized that oversight processes remain ongoing.

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