Timeline
February 26, 2026 — February 27, 2026
Tech
Timeline: How Paramount Outbid Netflix for Warner Bros. Discovery in a $111 Billion Deal
This timeline chronicles one of Hollywood's biggest bidding wars, as Netflix and Paramount competed to acquire Warner Bros. Discovery. What began as Netflix's agreed $83 billion deal for select Warner assets transformed into a dramatic reversal when Paramount persistently raised its offer to $111 billion for the entire company, ultimately causing Netflix to walk away.
11 events · 2 days · 30 source articles
Fri, Dec 5, 2025
Major
Netflix Strikes Initial Deal with Warner Bros. Discovery
Netflix reached an agreement to acquire Warner Bros. studio, HBO, HBO Max, and Warner Games for $27.75 per share in an $83 billion deal. The acquisition would give Netflix control of the studio's film and television properties but not its cable networks. The deal sets the stage for a months-long bidding war.
Thu, Jan 15, 2026
Major
Paramount Launches Hostile Counter-Bid
Paramount Skydance, led by David Ellison and backed by his father Larry Ellison of Oracle, announced a hostile bid worth $108.4 billion in cash. Unlike Netflix's partial acquisition, Paramount's offer included all of Warner Bros. Discovery, including its cable networks like CNN. The bid was initially rejected by Warner Bros.
Thu, Feb 26, 2026
Major
Warner Bros. Says Paramount's Raised Offer May Be Superior
Warner Bros. Discovery announced that Paramount's new $31-per-share offer, totaling $111 billion, could represent a better deal than the existing Netflix agreement. The company stated it wasn't withdrawing its recommendation for the Netflix deal but acknowledged Paramount's terms met the threshold for further negotiations.
Thu, Feb 26, 2026
Major
Warner Bros. Board Declares Paramount Bid 'Superior'
Following consultation with independent financial and legal advisors, Warner Bros. Discovery's board officially determined that Paramount's $31-per-share offer was a 'Superior Proposal' under the terms of its existing merger agreement with Netflix. The board gave Netflix four business days to sweeten its proposal or lose the deal.
Thu, Feb 26, 2026
Major
Netflix Declines to Match and Drops Out of Bidding
Netflix co-CEOs Ted Sarandos and Greg Peters announced the company would not raise its bid, stating the deal was 'no longer financially attractive' at the price required to match Paramount's offer. They emphasized the acquisition 'was always a nice to have at the right price, not a must have at any price,' and that Netflix remains disciplined in its dealmaking.
Thu, Feb 26, 2026
Moderate
Deal Terms Revealed: $2.8 Billion Breakup Fee
Details emerged showing that Warner Bros. Discovery would have to pay Netflix a $2.8 billion termination fee to end the existing agreement. Paramount's renewed offer includes covering this breakup fee as part of its $111 billion acquisition proposal.
Fri, Feb 27, 2026
Moderate
Ellison Family Poised to Control Major Media Empire
With Netflix out of the running, the deal would put a constellation of media properties—from CNN to Nickelodeon to HBO—under the control of the Ellison family. Larry Ellison, Oracle's executive chair and the world's sixth-richest person, is backing his son David Ellison's Paramount in the acquisition.
Fri, Feb 27, 2026
Moderate
Netflix Stock Surges on News of Withdrawal
Netflix investors cheered the company's decision to walk away from the deal, with the stock jumping more than 10 percent on Friday. One options trader who bet on a Netflix rally was sitting on a roughly $16 million paper gain as shares soared after the streaming giant pulled its bid.
Fri, Feb 27, 2026
Moderate
Industry Experts Say Deal Will Reshape Media Landscape
Analysts and media observers noted that the Paramount-Warner Bros. merger would significantly change the Hollywood and US media landscape. The deal would unite major film studios, streaming platforms, and television properties including franchises like DC Comics, Harry Potter, and Star Trek under one roof.
Fri, Feb 27, 2026
Major
California AG Warns Deal Not Yet Complete
California Attorney General Rob Bonta cautioned that 'Paramount/Warner Bros. is not a done deal,' stating that the two Hollywood titans have not cleared regulatory scrutiny. Bonta's office has an open investigation and intends to conduct a vigorous review of the merger's potential impact on competition and consumers.
Fri, Feb 27, 2026
Moderate
S&P Warns Deal Will Strain Paramount's Credit Rating
An S&P Global Ratings analyst warned that Paramount Skydance's $111 billion bid for Warner Bros. Discovery would strain its credit rating, even though the combined company could ultimately reduce debt levels over time. The analysis raises questions about the financial sustainability of the massive acquisition.
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