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Warner Reopens Talks With Paramount, Setting the Stage for Potential Bidding War With Netflix
Warner Bros. Discovery is exploring if Paramount can offer a superior takeover bid with a $31-per-share proposal under a Netflix waiver ending Feb. 23, ahead of a March 20 shareholder vote.
- 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.
226 Articles
226 Articles
The Warner-Netflix-Paramount Triangle Isn't Over Yet
Warner Bros. Discovery is putting Netflix on pause, at least briefly, to hear out a last-ditch pitch from the streamer's rival. On Tuesday, Warner said it has reopened talks with Paramount after the bidder signaled it would lift its all-cash hostile offer to at least $31 a share, up from...
Warner Bros. Discovery Restarts Deal Talks with Paramount
Warner Bros. Discovery said on Tuesday that it would restart the deal talks with Paramount Skydance that it ended in December, giving the company another chance at besting Netflix for a deal. Paramount will have until Feb. 23 to negotiate its best and final offer. Warner Bros. Discovery last year rejected Paramount’s offer to buy the entire company for $108 billion in favor of a deal to sell only its streaming and studios business to Netflix for…
Warner Bros. reopening takeover talks with Paramount, but Netflix deal still favoured
Netflix, the preferred bidder to buy Warner Bros.' studio and streaming businesses, has given Warner a seven-day waiver to reopen talks with Paramount. The companies now have until Monday of next week to work out a possible deal, which Netflix would be allowed to match.
Warner Bros Discovery (WBD) has resumed talks with Paramount Skydance over a potential takeover. Paramount now has one week to present a takeover offer that beats rival Netflix, which is still favored by WBD's board, AFP reports.
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