Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount

General • February 26, 2026

In a one-two punch of centibillion-dollar offers, the bidding war for Warner Bros. Discovery is over. David Ellison-owned Paramount will acquire Warner Bros. Discovery. Netflix has lost.

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Netflix backs out of bid for Warner Bros. Discovery, giving studios, HBO, and CNN to Ellison-owned Paramount

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