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Bond Market News
Paramount Wins WBD After Netflix Walks Away
February 27, 2026
Paramount Skydance has won the bidding war to acquire Warner Bros. Discovery (WBD) after Netflix declined to raise its offer. Netflix said that the higher price required for competition no longer made financial sense. Paramount’s revised proposal of $31/share topped Netflix’s $27.75/share bid for the studio and streaming assets. WBD’s board is expected to terminate its agreement with Netflix and move forward with the Paramount merger, which CEO David Zaslav said would create significant shareholder value. Paramount aggressively pursued the deal, even launching a hostile campaign to bring WBD back to negotiations and sweetening its cash offer. Advisers to Netflix recommended withdrawing, arguing Paramount was willing to pay an uneconomic price. However, the transaction faces substantial regulatory scrutiny in the US and internationally. Earlier, to strengthen the deal’s certainty, Paramount increased its reverse termination fee to $7bn and agreed to cover the $2.8bn breakup fee owed to Netflix. The Ellison Trust, backed by Larry Ellison, is contributing $45.7bn in equity, while BofA, Citi and Apollo are providing $57.5bn in debt financing.
Paramount’s bonds traded stable with its 5.9% 2040s at 84.1, yielding 7.7%. Similarly, WBD’s 4.279% 2032s traded stable at 90.7, yielding 6.1%. Meanwhile Netflix’s 4.875% 2030s ticked higher by 1.1 points to 102.8, yielding 4.1%.
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