NEWS / Economy

Paramount Just Won the Biggest Bidding War in Hollywood History

Published Feb 27, 2026

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A chest overflowing with film reels, scripts, and clapperboards sits on a red carpet in front of the iconic Paramount Pictures studio gate, capturing the glamour and excitement of Hollywood.

Summary:

Netflix walks away from its $83B Warner Bros. deal after Paramount tops the offer

Paramount's all-in price tag: $111 billion for HBO, CNN, and the whole Warner empire

Netflix stock jumped on the news — Wall Street cheered the exit

Netflix just folded one of the most dramatic hands in media history. After months of fighting to acquire Warner Bros. Discovery, the streaming giant walked away Thursday — handing a massive victory to Paramount Skydance and its CEO David Ellison.

How We Got Here

Netflix struck a deal in December to buy most of Warner Bros. Discovery — the studios, HBO, and the streaming business — for around $83 billion. Then Paramount kept raising its hand.

After multiple rejected bids spanning five months, Paramount submitted a $31-per-share, all-cash offer for the entire company — CNN, TNT, HGTV, and every cable channel included. The WBD board called it the better deal.

Netflix Pulls the Plug

Warner Bros. gave Netflix four days to match. Netflix didn't even take the weekend.

Co-CEOs Ted Sarandos and Greg Peters said the deal was "always a 'nice to have' at the right price, not a 'must have' at any price." At $111 billion, matching Paramount simply didn't make sense — so they walked.

What's Next

Paramount is now set to absorb HBO, Warner Bros. Pictures, CNN, and dozens of cable networks on top of what it already owns. A shareholder vote is scheduled for March 20, with regulatory approval to follow.

Worth noting: The Ellison family's political ties have already stirred controversy at CBS. CNN employees are, by most accounts, not thrilled about what new ownership might mean for the newsroom.

Netflix walked away from HBO and got a 10% stock bump for its trouble. In Hollywood, that's basically a standing ovation.

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