Warner Bros. Exploration agreed to be bought by Paramount Tianwu for $110 billion after Netflix abandoned the agreement with the HBOmax owner, ending this high-risk bidding war. The two companies said on Friday that the $81 billion equity deal is expected to close in the third quarter of 2026. Earlier in the day, Reuters first reported the news of Warner Bros. exploring and signing a deal with Paramount, citing an audio clip of a global plenary meeting held by the company. According to a source familiar with the negotiations, Warner Bros. Explore received a contract from Paramount on Saturday and concluded during the next two days of non-stop negotiations that Paramount's offer was superior. Warner Bros. Explore did not immediately respond to requests for comment. Netflix said in a regulatory filing submitted on Friday that Paramount paid the $2.8 billion termination fee Warner Bros. Explore should have paid to Netflix.

Warner Bros. Exploration agreed to be bought by Paramount Tianwu for $110 billion after Netflix abandoned the agreement with the HBOmax owner, ending this high-risk bidding war. The two companies said on Friday that the $81 billion equity deal is expected to close in the third quarter of 2026. Earlier in the day, Reuters first reported the news of Warner Bros. exploring and signing a deal with Paramount, citing an audio clip of a global plenary meeting held by the company. According to a source familiar with the negotiations, Warner Bros. Explore received a contract from Paramount on Saturday and concluded during the next two days of non-stop negotiations that Paramount's offer was superior. Warner Bros. Explore did not immediately respond to requests for comment. Netflix said in a regulatory filing submitted on Friday that Paramount paid the $2.8 billion termination fee Warner Bros. Explore should have paid to Netflix.