Netflix Backs Out of Warner Bros. Bid; Paramount Wins
February 27, 2026·about 22 hours ago·via IMDb
Netflix officially withdraws from the bidding war for Warner Bros. Discovery, clearing the path for Paramount Skydance to take over. Warner Bros. Discovery deems Paramount's $111 billion all-cash offer superior to Netflix's deal, triggering a four-business-day window that Netflix declines to counter. Paramount sweetens the pot with a $7 billion reverse termination fee and plans to cover Warner Bros.' $2.8 billion breakup fee to Netflix.
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