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Warner Reopens Talks With Paramount, Setting the Stage for Potential Bidding War With Netflix
Warner Bros. Discovery received a seven-day waiver from Netflix to negotiate a potentially higher bid from Paramount Skydance before a shareholder vote on March 20, 2026.
- 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.
264 Articles
264 Articles
Warner Bros. Discovery to collaborate with Paramount Skydance
East Bay Times
Warner Bros. reopens talks as Paramount signals higher bid
By Michelle F. Davis and Lucas Shaw, Bloomberg Warner Bros Discovery Inc. has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance Corp. after the suitor proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix Inc. Netflix, which Warner Bros. still described as its preferred bidder, has granted the board seven days to discuss Paramount’s most recent proposal, …
Paramount proposes to raise the price for the company's shares and pay a fine in the event of termination of the existing agreement with Netflix
ABC FOX Montana
Warner Bros. gives Paramount one week to outbid Netflix
Warner Bros. Discovery said Tuesday it will give Paramount Skydance a week to sweeten its buyout offer for the storied media giant, as the bidding war with Netflix turned into a bitter battle to win over Warner shareholders.
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