How did Paramount beat Netflix in the battle to acquire Warner Bros?

Paramount secured a deal to acquire Warner Bros Discovery (WBD) for $110 billion. In December 2025, WBD entered talks with Netflix over the $82.7-billion acquisition of its studios and streaming assets. Paramount subsequently made a higher $110-billion bid, triggering a competitive process. By February 26, 2026, WBD's board deemed Paramount's offer superior as Netflix withdrew from negotiations.