Paramount Skydance wins Warner Bros; Netflix walks away and its shares jump

The Paramount logo is shown on a structure at the Paramount studio lot in Hollywood, Los Angeles, California, U.S., February 26, 2026. REUTERS/Mike Blake

Feb 26 (Reuters) - Paramount Skydance ⁠emerged as the likely winner in a months-long battle to acquire Warner Bros Discovery, after streaming giant Netflix on Thursday refused to raise its bid for thestoried ⁠Hollywood studio.

"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we ‌are declining to match the Paramount Skydance bid," Netflix said in a statement.