Timeline
February 23, 2026 — February 27, 2026
Tech
Timeline: How the $111 Billion Warner Bros. Discovery Bidding War Unfolded Over 5 Days
In late February 2026, a dramatic bidding war erupted between Netflix and Paramount Skydance for control of Warner Bros. Discovery, one of Hollywood's most storied studios. What began as Netflix's agreed deal transformed into a stunning reversal as Paramount persistently raised its offer, ultimately winning the $111 billion acquisition when Netflix walked away. This timeline tracks the rapid-fire developments that reshaped the media landscape in less than a week.
10 events · 4 days · 30 source articles
Mon, Feb 23, 2026
Minor
Trade Uncertainty and Market Volatility Backdrop
As the bidding war intensified, global stock markets experienced volatility due to trade uncertainty following President Trump's sweeping new tariffs after a Supreme Court decision. This economic backdrop set the stage for major corporate deal-making decisions in the days ahead.
Thu, Feb 26, 2026
Major
Paramount Makes New $31-Per-Share Offer
Paramount Skydance submitted a new $31-per-share buyout offer for Warner Bros. Discovery, representing a significant increase from Netflix's existing $27.75-per-share agreement. Warner Bros. acknowledged this new offer could potentially lead to a better deal than its existing Netflix agreement, though it did not immediately withdraw its recommendation for the Netflix deal.
Thu, Feb 26, 2026
Major
Warner Bros. Board Deems Paramount Bid 'Superior'
Following consultation with independent financial and legal advisors, the Warner Bros. Discovery board officially declared Paramount's offer a 'superior proposal' compared to Netflix's agreement. This determination gave Netflix four business days to sweeten its proposal or lose the deal for the Hollywood studio.
Thu, Feb 26, 2026
Moderate
Deal Terms Clarified: $111 Billion vs. $83 Billion
The full scope of the competing offers became clear: Paramount's bid valued the entire Warner Bros. Discovery company at $111 billion, while Netflix's $83 billion deal covered only Warner's streaming services, studios, and intellectual property. Paramount's all-company acquisition represented a fundamentally different structure than Netflix's partial acquisition approach.
Thu, Feb 26, 2026
Major
Netflix Drops Out of Bidding War
In a stunning reversal occurring the same day the Warner Bros. board declared Paramount's offer superior, Netflix announced it would not match Paramount's bid. Co-CEOs Ted Sarandos and Greg Peters stated that 'at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive.' This decision cleared the way for Paramount to win the acquisition.
Thu, Feb 26, 2026
Major
Paramount Victory and $2.8 Billion Breakup Fee
With Netflix's withdrawal, Paramount Skydance emerged victorious in the bidding war. The deal terms revealed that Warner Bros. Discovery would have to pay Netflix a $2.8 billion termination fee to end the existing agreement, which Paramount's offer included covering. The acquisition would put CNN, HBO, Nickelodeon, and other major properties under control of the Ellison family.
Fri, Feb 27, 2026
Moderate
Netflix Stock Surges on Deal Exit
Investors cheered Netflix's decision to walk away from the Warner Bros. acquisition, with the company's stock jumping more than 10 percent. The market reaction suggested investors viewed Netflix's discipline in avoiding an overpriced deal as a win, even though the company lost the bidding war.
Fri, Feb 27, 2026
Moderate
Deal Context: Warner Bros. Put Itself Up for Sale in December
Reports revealed that Warner Bros. Discovery had put itself up for sale in December 2025, initially attracting interest from multiple suitors including Apple, Amazon, and Comcast before Netflix and Paramount emerged as the final bidders. Netflix had struck its initial agreement with Warner Bros. on December 5th, 2025.
Fri, Feb 27, 2026
Moderate
Deal Implications: Uniting Major Studios and Media Properties
Analysis of the nearly $111 billion Paramount-Warner merger highlighted it would unite major film studios, streaming platforms, and TV news divisions including CNN. The deal would combine franchises like D.C. Comics, Harry Potter, and Game of Thrones with Paramount's Top Gun and Star Trek properties, representing one of the biggest media consolidations in history.
Fri, Feb 27, 2026
Major
California AG Announces Regulatory Review
California Attorney General Rob Bonta announced that despite the bidding war's resolution, the deal was 'not a done deal' and would face vigorous regulatory scrutiny. Bonta stated the California Department of Justice had opened an investigation and would conduct a thorough review before the Paramount-Warner Bros. acquisition could be completed.
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