Instagram/David Ellison & Larry Ell TV Warner Bros. Discovery ditches Netflix, accepts Paramount's superior merger offer. A major streaming industry shakeup is now underway. March 12, 2026 AceShowbiz - Warner Bros. Discovery has chosen to accept a lucrative offer from Paramount, leaving Netflix behind after a previously announced merger deal.Initially, Warner Bros. Discovery and Netflix revealed their agreement on December 5. However, Paramount, which had been pursuing Warner Bros.