Warner Bros. changed hands in one of the biggest media deals in history in 2026. Paramount Skydance, controlled by David Ellison, acquired Warner Bros. Discovery for $110.9 billion — $31 per share in cash — ending Warner Bros. Discovery’s run as an independent public company and bringing the studio, HBO, and CNN under Ellison’s control.
The deal capped a months-long bidding war. Paramount first made unsolicited offers to Warner Bros. Discovery starting in September 2025, which the WBD board initially rejected before putting the entire company up for auction on October 21, 2025, to maximize value for shareholders. Netflix, Paramount, Comcast, and Starz all submitted competing bids by November 20, 2025, with a second round following on December 1. At one point Netflix’s offer was actually deemed superior by the WBD board — but Netflix ultimately declined to match Paramount’s higher counteroffer, withdrawing on February 26, 2026. Paramount’s deal was formally announced the next day. Warner Bros. Discovery shareholders approved the acquisition in April 2026, and the US Department of Justice approved it about a month later, clearing the way for the merger to close.
Quick Facts
| Studio | Warner Bros. (formerly Warner Bros. Discovery) |
|---|---|
| New Owner | Paramount Skydance Corp. |
| Controlling Figure | David Ellison |
| Deal Value | $110.9 billion ($31/share cash) |
| Deal Announced | February 27, 2026 |
| Shareholder Approval | April 2026 |
| DOJ Approval | ~May 2026 |
Ownership History
| Year | Development |
|---|---|
| 1923 | Warner Bros. founded by the four Warner brothers |
| 2022 | WarnerMedia merges with Discovery Inc. to form Warner Bros. Discovery, publicly traded, led by David Zaslav |
| Sept 2025 | Paramount Skydance begins submitting unsolicited acquisition offers to Warner Bros. Discovery |
| Oct 2025 | WBD board puts the company up for auction to maximize shareholder value after rejecting Paramount’s initial proposals |
| Nov-Dec 2025 | Netflix, Paramount, Comcast, and Starz submit competing bids across two rounds; Netflix’s offer is initially deemed superior |
| Feb 26-27, 2026 | Netflix withdraws after declining to match Paramount’s higher bid; Paramount Skydance announces a definitive $110.9 billion agreement to acquire Warner Bros. Discovery |
| April 2026 | Warner Bros. Discovery shareholders approve the Paramount Skydance acquisition |
| May 2026 | US Department of Justice approves the deal |
Key Ownership Highlights
- This deal effectively reverses Warner Bros. Discovery’s own prior plans to split into two separate companies — instead of splitting, the whole company was absorbed into Paramount Skydance.
- David Ellison, who also controls Paramount, now oversees an even larger media empire spanning both companies’ studios, HBO, CNN, and Paramount’s existing assets — one of the most significant consolidations in modern Hollywood history.
- Netflix’s near-miss bid, at one point considered the board’s preferred offer, shows how close the deal came to sending Warner Bros.’ studio and HBO content into a streaming-first ownership structure instead of a traditional studio conglomerate.
FAQ
Who owns Warner Bros. now?
Paramount Skydance, controlled by David Ellison, completed a $110.9 billion acquisition of Warner Bros. Discovery, with the deal winning shareholder and regulatory approval in 2026.
Did Netflix buy Warner Bros. Discovery?
No. Netflix was in the bidding and was briefly considered the board’s preferred bidder, but it withdrew in February 2026 rather than match Paramount’s higher offer.
