Netflix isn’t buying Warner Bros: all of the latest updates

The Verge · Feb 27, 2026 · Collected from RSS

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Just months after Netflix struck a deal to acquire the Warner Bros. studio, HBO, HBO Max, and Warner Games, the streaming giant has backed out of the arrangement, declining to raise its offer beyond Paramount’s “best and final” bid.It’s just the latest twist in the acquisition saga, which started with a bidding war that reportedly also involved Apple, Amazon, and Comcast. Once Netflix and Warner Bros. came to an agreement on December 5th, Paramount tried to force its way into the deal, announcing a hostile bid worth $108.4 billion in cash. Unlike Netflix’s deal, Paramount’s includes an acquisition of all of Warner Bros. Discovery, including its cable networks.But after several rejections, Paramount persistently upped its bid. It eventually came back with an all-cash offer at $31 per share and promised to cover the $7 billion regulatory termination fee if its deal with WBD doesn’t close, along with the $2.87 billion termination fee it must pay Netflix for abandoning its deal. Warner Bros. Discovery determined that the deal is “superior,” leading Netflix to walk away, saying it’s “no longer financially attractive.”There are already questions about where the deal will go from here, and concerns from regulators about the proposed acquisition. You can follow along below for all of the latest updates as they come in.HighlightsNetflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offerLarry Ellison’s big dumb gift to his large adult sonParamount launches a hostile $108 billion bid to snatch Warner from NetflixWarner Bros. mergers never work, but they’re trying again anywayNetflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offerImage: The VergeWarner Bros. says Paramount’s latest offer is superior to its current deal with Netflix.A four-day clock for Netflix to respond just started, but here are the details of the offer that include a starting price of $31 per share and other assurances, like:“…a $7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the $2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing Netflix merger agreement, an obligation of Larry J. Ellison and an associated trust to contribute additional equity funding”Paramount CEO David Ellison is Sen. Lindsey Graham’s guest at the State of the Union.The South Carolina Republican said he’s bringing along Ellison, son of Trump ally and billionaire Larry Ellison, as his guest to the address. Paramount is in the midst of its persistent attempt to buy Warner Bros. Discovery over Netflix — a deal Trump said he’d be involved in before backtracking.Warner Bros. says Paramount Skydance’s new bid might become better than Netflix’s.Warner Bros. Discovery is telling shareholders it’s “continuing to engage” with Paramount after receiving its latest offer yesterday.The new bid offers $31 per share, “a daily ticking fee equal to $0.25 per quarter beginning after September 30, 2026,” plus $7 billion from Paramount if regulators block the deal, and $2.8 billion to pay Netflix’s termination fee, among other details. If the board likes this bid better, it says Netflix will have four days to respond.Ted Sarandos: “This is a business deal, it’s not a political deal.”However, on Monday afternoon, Bloomberg reported Paramount Skydance has submitted another competing offer, improving on its previous $30 per share bid.DOJ reportedly begins antitrust investigation into Netflix’s merger with Warner Bros.Bloomberg and Deadline are both reporting that the DOJ has officially begun looking into whether the combination of Netflix and Warner would create a monopoly and hurt competition. Netflix, Warner Bros., and the DOJ have not publicly confirmed the investigation, but Deadline obtained a copy of the Civil Investigative Demand, which reads:“This civil investigative demand is issued pursuant to the Antitrust Civil Process Act …in the course of an antitrust investigation to determine whether there is, has been, or may be a violation of the antitrust laws by conduct, activities, or proposed action of the following nature: the proposed acquisition of Warner Bros. Discovery, Inc. by Netflix Inc, that may substantially lessen competition, or tend to create a monopoly in violation of Section 7 of the Clayton Act, or Section 2 of the Sherman Act.”Trump says Netflix will ‘pay the consequences’ if it doesn’t fire Susan RiceDonald Trump threatened that there would be “consequences” for Netflix if it didn’t fire board member Susan Rice. Rice served in both the Obama and Biden administrations, and recently appeared on Preet Bharara’s podcast, where she said corporations that “take a knee to Trump” are going to be “caught with more than their pants down. They are going to be held accountable.”Right-wing influencer and conspiracy theorist Laura Loomer was quick to jump on the appearance and accused Rice of “threatening half the country with weaponized government and political retribution.” She also pointed out that Netflix, whose board Rice is on, is trying to merge with Warner Bros.Read Article >Warner Bros. Discovery gives Paramount one week to present its ‘best and final’ offerImage: The VergeAfter rejecting Paramount’s latest acquisition bid, Warner Bros. Discovery says it’s giving the David Ellison-led entertainment giant seven days to make its “best and final” proposal. Though WBD is reopening negotiations with Paramount, the company makes it clear in a press release that it still favors Netflix’s $82.7 billion deal to purchase its studio and streaming service.As noted in the press release, a Paramount representative told WBD that it would agree to pay $31 per share if WBD reopens negotiations, adding that this isn’t Paramount’s “best and final proposal.” Paramount has been upping its bid to purchase the entirety of WBD for weeks now, offering to cover the $2.8 billion termination fee WBD would have to pay if it abandons its deal with Netflix.Read Article >Paramount ups its offer for Warner Bros. Discovery, again.Now, Paramount is offering to cover the $2.8 billion termination fee that Warner Bros. Discovery would owe Netflix for abandoning the $82.7 billion merger agreement. It’s also tossing in a $0.25 per share “ticking fee” that it would pay shareholders for every quarter its deal hasn’t closed beyond December 31st, 2026.Republicans attack ‘woke’ Netflix — and ignore YouTubePhoto by Kevin Dietsch/Getty ImagesWhen Netflix co-CEO Ted Sarandos entered the Senate office building on Tuesday, he got thrown a curveball. What started as a standard antitrust hearing relating to the Warner Bros. merger quickly devolved into a performative Republican attack about the spread of “woke” ideology on the streaming service. At the same time, arguably a much more influential platform was completely ignored: YouTube.After grilling Sarandos about residual payments, Sen. Josh Hawley (R-MO) launched into a completely different line of questioning: “Why is it that so much of Netflix content for children promotes a transgender ideology?” Hawley asked, making an unsubstantiated claim that “almost half” of the platform’s children’s content contains so-called “transgender ideology.” The statement harkened to a pressure campaign launched by Elon Musk months ago in which he called on X users to unsubscribe from Netflix for having a “transgender woke agenda,” citing its few shows with trans characters — shows that were canceled years ago.Read Article >Republicans haul Netflix before Congress for being too ‘woke’Netflix CEO Ted Sarandos was launched into the middle of a congressional culture war on Tuesday as he testified before a Senate subcommittee about the company’s attempt to buy a large part of Warner Bros Discovery.The hearing before the Senate Judiciary antitrust subcommittee highlighted an array of traditional merger concerns on both sides of the aisle: that the deal could potentially raise costs for consumers, limit their theater experiences, or shrink the market for entertainment jobs. But a large chunk of the session also focused on Netflix’s allegedly “woke” programming, including content that features transgender characters.Read Article >What Netflix’s Warner Bros. deal could mean for TVs and remotesImage: The VergeThis is Lowpass by Janko Roettgers, a newsletter on the ever-evolving intersection of tech and entertainment, syndicated just for The Verge subscribers once a week.If you’re in the market for a new TV, you’ll have plenty of different options these days, ranging from display technologies (OLED vs. QLED vs. micro RGB) to styles (shiny home theater displays vs. matte art TVs) to operating systems (Roku vs. Google TV vs. Tizen vs. Fire TV).Read Article >Netflix is eating Hollywood — because it has toOn today’s episode of Decoder, I’m talking about the bidding war over Warner Bros. Discovery, which is the biggest story in the entertainment industry right now, and for good reason. It has pretty much everything you could want in a buzzy Hollywood saga — big names, big money, and big drama.Right now, the winning bidder is Netflix. The streaming juggernaut won the bid for Warner Bros., offering $83 billion dollars for the movie studios, but not the cable channels, to keep its content machine humming for more than 325 million subscribers.Read Article >Netflix revises Warner Bros. bid to an all-cash offerImage: The VergeNetflix has updated the acquisition terms for its Warner Bros. Discovery offer to an all-cash deal, replacing its initial $82.7 billion cash and stock agreement. The changes are designed to expedite the sale of WBD studios and streaming businesses, following repeated attempts by rival bidder Paramount to pressure shareholders into accepting its own $108 billion all-cash offer.“The WBD Board continues to support and unanimously recommend our transaction, and we are confident that