Warner Bros Discovery has agreed to be acquired by Paramount Skydance in a $110 billion deal signed on Friday (February 27, 2026) morning, according to an audio clip of a global townhall by the company, which was reviewed by Reuters.
“Netflix had the legal right to match the PSKY offer. As you all know, they ultimately decided not to do that. That then resulted in a signed agreement with PSKY as of this morning. So that’s where everything stands,” Bruce Campbell, Warner Bros’ chief revenue and strategy officer, said in the townhall.
Paramount Skydance wins Warner Bros; Netflix walks away and its shares jump
Paramount and Warner Bros did not immediately respond to requests for comment.
The agreement caps a bidding war after Netflix declined to match Paramount’s latest $31-per-share offer, which was deemed superior by Warner Bros to the streaming pioneer’s $27.75-per-share agreement for its studio and streaming assets.
