Timeline
February 26, 2026 — February 27, 2026
Tech
Timeline: How Paramount Won the $111 Billion Battle for Warner Bros. Discovery
A dramatic 48-hour bidding war culminated in Paramount Skydance's acquisition of Warner Bros. Discovery after Netflix withdrew from the competition. The timeline tracks how Paramount's persistent higher offers convinced Warner Bros.' board to switch allegiances, ultimately reshaping Hollywood's media landscape in one of the industry's largest-ever deals.
9 events · 2 days · 30 source articles
Thu, Feb 26, 2026
Major
Warner Bros. announces Paramount's $31-per-share offer may be superior to Netflix deal
Warner Bros. Discovery publicly disclosed that Paramount Skydance's new $31-per-share buyout offer could represent a better deal than its existing $27.75-per-share agreement with Netflix. The company stated it would not withdraw its recommendation for the Netflix deal but indicated Paramount's terms met the threshold for further negotiations. This marked the first time Warner Bros. officially acknowledged Paramount's bid as potentially superior.
Thu, Feb 26, 2026
Major
Warner Bros. board formally declares Paramount bid 'superior'
Following consultation with independent financial and legal advisors, the Warner Bros. Discovery board of directors officially determined that Paramount's offer constituted a 'superior proposal' under the terms of its existing merger agreement with Netflix. This declaration gave Netflix four business days to sweeten its proposal or lose the deal. The Paramount offer valued the entire company at $111 billion compared to Netflix's $83 billion bid for select assets.
Thu, Feb 26, 2026
Major
Netflix announces it will not match Paramount's offer
Just hours after Warner Bros. declared Paramount's bid superior, Netflix co-CEOs Ted Sarandos and Greg Peters released a statement declining to match the offer. They stated that at the price required to match Paramount Skydance's latest offer, the deal was 'no longer financially attractive.' Netflix emphasized the acquisition was 'always a nice to have at the right price, not a must have at any price,' demonstrating their financial discipline.
Thu, Feb 26, 2026
Major
Netflix formally withdraws from Warner Bros. bidding war
Netflix officially ended its pursuit of Warner Bros. Discovery, clearing the path for Paramount Skydance to complete its $111 billion acquisition. The streaming giant's withdrawal came without using the full four business days it had been granted to counter Paramount's offer. Per the terms of the original agreement, Warner Bros. would have to pay Netflix a $2.8 billion termination fee, which Paramount's offer included covering.
Fri, Feb 27, 2026
Major
Paramount poised to control vast media empire including CNN and HBO
With Netflix out of the running, Paramount Skydance—run by David Ellison and backed by his father, Oracle tycoon Larry Ellison—stood ready to take control of a constellation of media properties. The deal would put CNN, Nickelodeon, HBO, Warner Bros. studios, and DC Comics franchises under the control of the Ellison family, ending one of the biggest media bidding wars in a generation.
Fri, Feb 27, 2026
Moderate
Netflix stock surges as investors applaud withdrawal decision
Investors cheered Netflix's decision to walk away from the Warner Bros. deal, with the company's stock jumping more than 10 percent. Market analysts viewed Netflix's financial discipline positively, seeing the withdrawal as evidence the company wouldn't overpay for acquisitions. One options trader who bet on a Netflix rally was sitting on approximately $16 million in paper gains.
Fri, Feb 27, 2026
Moderate
Deal poised to reshape Hollywood and US media landscape
Media analysts highlighted that the Paramount-Warner Bros. merger would significantly transform Hollywood and the broader US media industry. The combined entity would unite two major studios with extensive film libraries, multiple streaming platforms, major television networks, and valuable franchises including Harry Potter, Game of Thrones, DC Comics, and Transformers.
Fri, Feb 27, 2026
Moderate
California Attorney General warns deal faces regulatory scrutiny
California Attorney General Rob Bonta announced that the Paramount-Warner Bros. deal was 'not a done deal,' emphasizing that the California Department of Justice had an open investigation and intended to conduct a vigorous review. This regulatory warning indicated potential obstacles remained before the acquisition could be finalized, despite Netflix's withdrawal.
Fri, Feb 27, 2026
Minor
S&P analyst warns deal will strain Paramount's credit rating
An S&P Global Ratings analyst cautioned that Paramount Skydance's $111 billion bid for Warner Bros. Discovery would strain its credit rating, even though the combined company could potentially reduce debt levels over time. This financial assessment highlighted the challenges Paramount would face in integrating and managing the massive acquisition.
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