Netflix declines to match Paramount offer for Warner Bros Discovery

The Guardian - World NewsEN 2 min read 100% complete by Jeremy Barr in WashingtonFebruary 27, 2026 at 12:28 AM

AI Summary

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Netflix has withdrawn its offer to acquire Warner Bros Discovery (WBD), deeming Paramount Skydance's revised bid superior. Paramount's offer of $31 per share, a $7 billion regulatory termination fee, and quarterly "ticking fees" proved too costly for Netflix to match. Netflix stated that acquiring WBD was a "nice to have" but not a necessity at any price. This decision clears the path for Paramount Skydance, led by David Ellison, to potentially acquire WBD, including CNN. WBD had scheduled a shareholder vote for March 20 regarding the Netflix merger. Netflix's decision follows meetings with Trump administration officials, as the deal was expected to face regulatory scrutiny.

Key Entities & Roles

Key Player Opposition Context

CNN 40% Trump administration 40% Department of Justice 40% United States 50% David Ellison 60% Greg Peters ×270% Ted Sarandos ×370% Paramount Skydance ×480% Netflix ×890% Warner Bros Discovery ×790%

Keywords

merger 90% acquisition 70% streaming business 70% regulatory approval 60% rival offer 60% entertainment industry 50% shareholder value 50% financial attractiveness 40%