Netflix declines to raise bid for Warner Bros. Discovery

Paramount's revised all-cash offer deemed superior by WBD board

Published on Feb. 27, 2026

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Netflix on Thursday said it would not increase its counteroffer for Warner Bros. Discovery's studio and streaming assets, clearing the way for Paramount Skydance's revised bid to take center stage. The WBD board had deemed Paramount's revised all-cash bid of $31 per share, up from $30 per share, to be a superior offer to acquire the entire company.

Why it matters

The decision by Netflix not to raise its bid ends the high-stakes bidding war for WBD's assets. Investors appeared to prefer the clarity, with Netflix shares jumping over 10% in extended trading, while Paramount's rose as much as 5%. However, WBD's stock fell 1.39% as the Paramount merger agreement is set to move forward.

The details

Netflix had four business days to revise its bid in light of Paramount's superior offer, the WBD board said in a statement Thursday. WBD CEO David Zaslav expressed enthusiasm about the potential of the combined Paramount-WBD company, saying the merger agreement would create "tremendous value" for shareholders.

  • On Thursday, Netflix said it would not increase its counteroffer for WBD's assets.
  • Earlier this week, the WBD board deemed Paramount's revised all-cash bid of $31 per share to be a superior offer.

The players

Netflix

An American entertainment company and one of the world's leading streaming platforms.

Warner Bros. Discovery (WBD)

A media and entertainment conglomerate formed by the merger of Discovery, Inc. and the former WarnerMedia division of AT&T.

Paramount Skydance

A media company that owns and operates several major entertainment brands, including Paramount Pictures, Paramount Network, and Skydance Media.

David Zaslav

The CEO of Warner Bros. Discovery.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

The decision by Netflix to not raise its bid for WBD's assets clears the way for Paramount's revised offer to move forward, providing clarity for investors. This marks the end of the high-stakes bidding war, with the potential Paramount-WBD merger seen as creating "tremendous value" for shareholders.