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Warner Reopens Talks With Paramount, Setting the Stage for Potential Bidding War With Netflix
Warner Bros. Discovery has a seven-day waiver from Netflix to negotiate a higher, binding offer from Paramount Skydance, potentially sparking a renewed bidding war.
- On Feb. 17, 2026, Warner Bros. Discovery reopened talks with Paramount Skydance under a seven-day Netflix waiver through February 23, 2026, rejecting Paramount's $30-a-share offer but allowing a `best and final` offer, Discovery said.
- Paramount Skydance's hostile $30 bid prompted talks, with Paramount indicating it could raise to $31 if negotiations reopened, despite unresolved financing risks from Larry Ellison-backed equity and a $1.5 billion junior-lien fee.
- WBD continues to recommend the $82.7 billion Netflix transaction and is moving toward a March 20, 2026 vote, having started mailing its definitive proxy statement with a February 4, 2026 record date.
- With Netflix holding matching rights, the WBD board faces legal safeguards and pressure from activist investors Ancora and Pentwater, who support different bids, by February 23.
- Longer-Term, control of franchises and studios will reshape production investment and industry dynamics, while Discovery Global could fetch between $1.33 and $6.86 per share, impacting asset value.
298 Articles
298 Articles
WBD to Ellison: empty the piggy bank, you have seven days
The board of Warner Bros. Discovery (WBD) has turned the M&A playbook into a high-stakes poker match. They’re betting they can squeeze a premium out of David Ellison before he realises he is essentially bidding against himself. In a move that surprised absolutely no one but exhausted everyone, WBD formally rejected the ‘sweetened’ hostile takeover bid from Ellison’s Paramount Skydance. But here lies the multi-billion-dollar catch: they have not …
Will Warner Bros. Discovery Opening Up Merger Talks Again Finally Bring Some Clarity to the Paramount vs. Netflix Back and Forth?
What does it mean that Netflix and Warner Bros. Discovery offered a 7-day waiver period to Paramount to make its best and final offer?
Warner Bros. sets a deadline of 7 days to Paramount in tension by agreement with Netflix. Although it seems that everything is moving towards the acquisition of Warner Bros. by Netflix, the company Paramount Skydance could launch a final offer.Revelan that Warner Bros. set a deadline of 7 days to Paramount in tension by agreement with Netflix After multiple rejections, Warner Bros.'s board of directors announced a deadline of 7 days to Paramount…
Warner Bros reopens takeover talks with Paramount after receiving a waiver from Netflix (copy)
NEW YORK — Warner Bros. Discovery briefly reopened takeover talks with Skydance-owned Paramount to hear the company's "best and final" offer, while the Hollywood giant continues to back the studio and streaming deal it struck with Netflix.
Warner Bros. Discovery to collaborate with Paramount Skydance
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