Paramount is now on track to acquire Warner Brothers Discovery, as Netflix has announced it will not provide a competing offer to purchase the studio.
HBO Max could soon become property of Paramount.
Warner Bros. Discovery has been working to find the right buyer for months now. In October 2025, it was even reported that Apple TV was among the companies in discussions with Warner Bros. executives regarding a potential purchase agreement.
Two months later, Netflix emerged as the top contender and potential new owner of Warner Bros. Discovery. However, the enthusiasm was short-lived, as Paramount offered to buy the venerable Warner Bros studios and its extensive library for $31 per share, as part of an all-cash deal.
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