It’s a battle that’s been raging for months: who will come up with the right numbers and plan to acquire Warner Bros. Discovery Inc. — Paramount Skydance Corp., or Netflix?
The stakes are high as WB is a highly coveted asset with its famed studio and its massive library of streaming content.
Netflix, which appeared to be poised to win the bidding war in late 2025, is taking a giant step back. The potential purchase price was just getting to be too darn big, they said:
Netflix Inc. dropped out of the fight to buy Warner Bros. Discovery Inc., clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio.
“The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” Netflix said Thursday in a statement. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.”
🚨 🚨 🚨 BREAKING: Paramount is taking over ALL of Warner Brothers as Netflix just dropped out.
— Houman David Hemmati, MD, PhD (@houmanhemmati) February 26, 2026
What does this mean?
CNN WILL NOW BE OWNED BY LARRY ELLISON & TEAM, THE SAME GROUP THAT PURCHASED @TheFP AND WHICH HAS PIVOTED CBS TO THE CENTER!
🎉 🙌 🥳 pic.twitter.com/hOQ3Yy3kTk
DRAMA: Trump Has Blunt Warning for Netflix: 'Stop the Cultural Takeover'
More Winning: Trump and CBS Settle Lawsuit for $36 Million and Change—Stephen Colbert Hardest Hit
Trump has not taken an official position on who should win, but billionaire Oracle co-founder Larry Ellison, who has a significant financial position in Paramount Skydance, and his son, David, who serves as Chairman and CEO of the media behemoth, are widely seen as pro-Trump conservatives. Trump praised the Ellisons for trying to root out the leftist bias at its news division, which includes CBS News, while he has been highly critical of Netflix CEO Ted Sarandos and the endless woke messaging the streamer forces into its content.
As I like to joke, "This is the part where they have the lesbian kiss that has nothing to do with the story." And I'm usually right.
And don't forget, Netflix is the company that gave the Obamas a multi-year production deal rumored to be worth up to $100 million (though Netflix has never disclosed the actual amount). Can anybody remember anything memorable that came out of that partnership? Not me.
Why does Netflix have to make every show super gay? The Will coming out scene in “Stranger Things” was completely unnecessary, cringe and actually derailed the entire show. pic.twitter.com/tODiZfRUjC
— Clay Travis (@ClayTravis) January 6, 2026
MORE: I've Got a Nasty Case of LGBTQ+ Fatigue (VIP)
So it would appear that it’s a wrap, but this story has already had numerous plot twists and red herrings, so there may be more developments to come.
Paramount’s hostile bid, which seeks to purchase the entire Warner Bros. Discovery portfolio including its linear television assets like CNN and TNT Sports, comes with a purchase price of $31 per share in cash, as well as a $7 billion regulatory termination fee for the previous deal with Netflix.
Warner Bros. Discovery had until Friday been urging its board to support the deal with Netflix, even as Paramount mounted its hostile push for the Hollywood giant.
Any sale of Warner Bros. Discovery’s assets would need to be approved by Trump’s Department of Justice, which earlier this month ousted the head of its antitrust division.
And… cut!
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