Netflix is walking away from a deal to buy Warner Bros. Discovery's studio and streaming assets after the WBD board on Thursday deemed a revised bid by Paramount Skydance to be a superior offer. Earlier this week, Paramount raised its bid to buy the entirety of WBD to $31 per share, up from $30 per share, all cash. Last week, Netflix granted WBD a seven-day waiver to reengage with Paramount, resulting in the higher bid. Netflix had four business days to make changes to its own proposal in light of Paramount's superior bid, the WBD board said in a statement Thursday.

Source: CNN February 27, 2026 10:41 UTC