Final Act? Netflix Won’t Counter Paramount’s Crushing Offer for WB and Is Ready to Walk Away

Netflix has declined to raise its bid in the battle for Warner Bros. Discovery after WBD’s board officially deemed Paramount Skydance’s offer “superior.” The streaming giant stated that at the current price, the deal is “no longer financially attractive” — and has exited the bidding process.

This marks what looks like the final chapter of a months-long corporate drama. Paramount once again increased its bid — to $31 per share, up from $30 — bringing the total value of the transaction, including WBD’s debt, to roughly $111 billion. Netflix had offered $27.75 per share, but only for the studio and streaming assets — excluding cable networks such as CNN and TNT. Paramount’s proposal covers the company in its entirety. WBD’s board determined that this structural difference was decisive.

Paramount also agreed to cover the $2.8 billion breakup fee WBD would owe Netflix for terminating their agreement, and included its own $7 billion reverse breakup fee in case regulators block the merger. That, reportedly, was the final tipping point for the board.

WBD shareholders are scheduled to vote on the deal on March 20. Before then, Paramount and WBD must finalize and publish the full agreement terms. Following that, antitrust review will begin — a process expected to last until at least late 2026.

For gaming audiences, there’s a notable angle to this deal. Along with Warner Bros., Paramount would acquire WB Games, including studios such as Avalanche Software (Hogwarts Legacy), Rocksteady (Batman: Arkham series), NetherRealm (Mortal Kombat), and TT Games (LEGO series). Notably, Netflix had publicly acknowledged that WB’s gaming division was not factored into its financial model, calling it “insignificant in the broader picture.” Paramount appears to see it differently — WB Games is clearly included in its offer without caveats.

If everything proceeds smoothly, Warner Bros., HBO, DC, Harry Potter, Game of Thrones, Paramount Pictures, and Paramount+ could end up under one corporate roof. The merger has the potential to become one of the largest media consolidations in recent years — and one of the most consequential Hollywood events of the decade.

Who do you think would be a better home for WB Games — Netflix or Paramount? Share your thoughts in the comments.