Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount

Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount

by

Netflix Exits Warner Bros. Discovery Auction Paramount Wins Hollywood Studios

Netflix withdraws bid for Warner Bros. Discovery as Paramount won't raise offer, ending high-stakes auction.

Business

New York: Warner Bros. Discovery, a large entertainment company, will be sold to Paramount instead of Netflix. The deal was worth about $111 billion.

Netflix offered $82.7 billion for studios and streaming service but withdrew when Paramount increased its bid to $31 per share. Netflix said the higher price was not worth the money.

Warner Bros. Discovery will pay Netflix $2.8 billion to end their deal. Paramount will take on $33 billion in debt from Warner Bros. Discovery. Larry Ellison, whose son David owns Paramount, will provide extra money for the purchase. His net worth is $201 billion.

Image Credits and Reference: https://techcrunch.com/2026/02/26/netflix-warner-bros-discovery-paramount-wbd-bid-studios-hbo-cnn-ellison/