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Netflix announced on February 26, 2026, that it will not increase its offer for Warner Bros., following the decision of the Warner Bros. Discovery (WBD) board to consider the most recent proposal from Paramount Skydance as “superior.”
In a statement signed by its co-CEOs, Ted Sarandos and Greg Peters, the company explained that the initially negotiated transaction created value for shareholders and had a clear path toward regulatory approval, but the new price demanded to match the rival offer is “no longer financially attractive.”
“The transaction was always a good opportunity at the right price, not a must at any cost,” emphasized the executives.
The decision marks a shift from the announcement made in December 2025, when Netflix announced the acquisition of Warner Bros. for $82.7 billion.
That agreement, which included the film and television studies, HBO and HBO Max, was subject to regulatory approvals and the prior separation of Discovery Global.
Netflix stated that its business remains strong and is experiencing organic growth, driven by its programming and streaming platform.
The company plans to invest around 20 billion dollars in films and series this year and resume its stock buyback program.
Warner Bros. must now determine the definitive course of the operation amid a process that could reshape the landscape of the global audiovisual industry once again.
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