Paramount will acquire Warner Bros. Discovery for $110 billion, and Netflix withdraws from the competition.

Warner Bros. is exploring an agreement to be acquired by Paramount Pictures for $110 billion, after Netflix abandoned a deal with HBOMax's owner, ending the high-stakes bidding war. The two companies said on Friday that the deal, valued at $81 billion, is expected to be completed in the third quarter of 2026. Reuters reported earlier in the day, citing a recording of a global all-hands meeting held by the companies, that Warner Bros. Discovery and Paramount had signed the deal. According to a source familiar with the negotiations, Warner Bros. Discovery received Paramount's contract on Saturday and concluded in non-stop negotiations over the next two days that Paramount's offer was superior. Warner Bros. Discovery did not immediately respond to a request for comment. In a regulatory filing submitted on Friday, Netflix stated that Paramount paid Warner Bros. Discovery the $2.8 billion termination fee that Warner Bros. Discovery was supposed to pay Netflix.