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Netflix announced that it will not raise its acquisition offer for Warner Bros. Discovery after the company’s board determined that a revised proposal from Paramount Skydance constitutes a "superior" offer under the terms of the existing merger agreement.
In a formal statement, Netflix co-chief executive officers Ted Sarandos and Greg Peters said the price required to match the competing bid would no longer make the transaction financially attractive. The executives added that while Netflix believes it could effectively manage Warner Bros.’ portfolio of brands and assets, the acquisition was not essential at any cost.
Warner Bros. Discovery previously notified Netflix that Paramount Skydance’s revised proposal, reportedly valued at $31 per share in cash, had been determined by its board to be more favorable to shareholders.
Under the terms of the merger agreement between Netflix and Warner Bros. Discovery, Netflix was granted a four-business-day period to submit an improved offer. The streaming company has now formally declined to do so.
Netflix had announced in December 2025 that it reached an agreement to acquire Warner Bros. Discovery’s film and television studios and premium content platforms, including HBO and HBO Max, in a transaction valued at tens of billions of dollars in equity and enterprise value.
In December 2025, Paramount Skydance announced an earlier offer to acquire all shares of Warner Bros. Discovery for $30 per share in cash, valuing the company at approximately $108.4 billion in enterprise value. The proposal was rejected, after which Paramount Skydance revised and increased its bid.
Donald Trump has repeatedly criticized CNN for its news policies, and in December 2025, he argued that any Warner Bros. deal should include the sale of CNN. Trump criticized the network’s management, claiming the current team should not continue running the channel.
In response, CNN CEO Mark Thompson sent an internal email to staff stating that it was too early to draw definitive conclusions about the network’s future as the deal moves toward completion.
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