Hollywood Board Plays Broker, Turns Takeover Bids Into Super Bowl Halftime Show
KEY POINTS
- •Warner Bros. Discovery’s board rejected multiple Paramount offers before securing a $31-per-share deal in February 2026.
- •Netflix declined to raise its bid after Paramount raised theirs by 63% from $19 in September 2025 and made key regulatory concessions.
- •Paramount CEO David Ellison attended Trump’s 2026 State of the Union, while Netflix’s Ted Sarandos visited the White House ahead of announcements.
In a drama that makes 'Succession' look like a sleepy library visit, Warner Bros. Discovery’s board turned down Paramount Skydance’s offers so often they could’ve started a drinking game. Paramount finally blinked, raising its $19 per share bid by a whopping 63 percent to $31 in February 2026, while Netflix, who tried to waltz in with a ‘good for consumers’ pitch, politely exited stage left after some cozy White House visits. Paramount CEO David Ellison even scored a Trump State of the Union cameo & managed concessions sweet enough to hopefully charm regulators. Meanwhile, Warner Bros added a $23 billion glow-up in just five months, and Zaslav’s swagger officially upgraded to legendary media mogul status.
Share the Story
When two billion-dollar bid battles feel like WWE smackdowns, remember: Paramount paid up, Netflix bounced, regulators just want it over before Season 2.
Warner Bros Discovery's board just turned rejection letters into the new Hollywood script—63% price hikes and cameo guest appearances included.
Netflix bailed after losing the bidding war where bidders acted like they were auctioning Grandma’s vintage Beanie Babies, but with CNN and HBO Max instead.
Source: Axios | Published: 2/27/2026 | Author: Sara Fischer
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