Paramount has emerged as the leading bidder for Warner Bros. Discovery after Netflix withdrew from the takeover battle, according to CNN. The Warner board ruled that Paramount’s latest offer was superior, prompting Netflix to walk away, citing financial concerns.
The decision clears a major hurdle for Paramount to acquire Warner’s assets, including CNN and HBO. Regulatory review is expected to take several months. Paramount CEO David Ellison would oversee a significantly expanded media portfolio if the deal closes.
Netflix Backs Out of Warner Bros. Bidding, Paramount Set to Win https://t.co/c99xh1QGFp
— The Hollywood Reporter (@THR) February 26, 2026
Warner Bros. Discovery CEO David Zaslav said the merger would deliver strong shareholder value, noting that the company’s stock price surged during the bidding war. Paramount’s offer values Warner at $31 per share and includes a $7 billion regulatory termination fee.
Netflix’s withdrawal came as its co-CEO Ted Sarandos met with White House staff. Senator Elizabeth Warren questioned whether political pressure played a role, pointing to President Donald Trump’s public criticism of Netflix and stated preference for CNN to be sold.
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TIPP Staff
