Netflix Pulls Out of Warner Bros. Bid, Clearing Path for Paramount Global

On February 26, 2026, Netflix officially stepped away from its bid for Warner Bros. Discovery, ending weeks of intense deal speculation. The decision came after Paramount Global, backed by Skydance, raised its offer, pushing the valuation far higher. For Netflix, the price no longer made financial sense. This move instantly reshaped the media merger race and cleared a smoother path for Paramount to move forward.