Netflix Ends Talks With Warner Bros. Discovery After Paramount Bid

Netflix has dropped out of talks with Warner Bros. Discovery after the media company determined that a proposal tied to Paramount and Skydance was the superior offer, according to recent reports.

Warner Bros. Discovery’s decision set off a four-day window for Netflix to match the Paramount-Skydance proposal. Instead, Netflix walked away, ending its involvement in the process, CNN reported. CNBC also reported that Warner Bros. Discovery had deemed the Paramount-Skydance offer superior and that the matching period had begun.

The development centers on Warner Bros. Discovery’s review of competing proposals. The company concluded that the Paramount-Skydance bid provided better terms than the arrangement being discussed with Netflix, triggering the formal clock for a potential match. Multiple outlets, including the Saratogian, The Worcester News, and The Edwardsville Intelligencer, carried similar accounts of the company’s determination.

The reports did not provide full details of either offer. But the outcome is clear: Warner Bros. Discovery treated the Paramount-Skydance bid as the leading proposal, and Netflix chose not to counter within the window created by that designation.

The shift matters because it narrows the field and clarifies which suitor Warner Bros. Discovery views as offering the stronger path forward. With Netflix out, the process moves ahead without one of the most prominent potential partners in the streaming and entertainment landscape.

It also underscores that Warner Bros. Discovery is operating under a structured review process that includes a defined period for a rival to match a leading offer. Once that period passes without a matching bid, the company can proceed more directly with the proposal it has identified as superior, subject to whatever conditions remain.

What happens next is tied to the four-day matching window and the company’s next steps after it expires. With Netflix no longer in the running, attention turns to whether Warner Bros. Discovery advances discussions based on the Paramount-Skydance proposal and how quickly the parties can move from an initial determination to a more concrete agreement.

Recent headlines indicate an active and fast-moving situation, with reports describing escalating competition and revised considerations. But the latest development removes one major variable: Netflix is no longer pursuing a deal after Warner Bros. Discovery’s superior-offer determination.

For now, the process continues with the Paramount-Skydance offer positioned as the leading proposal and Netflix on the sidelines.