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Warner Reopens Talks With Paramount, Setting the Stage for Potential Bidding War With Netflix
- 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.
Insights by Ground AI
21 Articles
21 Articles
Warner Bros. will reopen procurement negotiations with Paramount after receiving a 7 day exemption from its preferred bidder, Netflix.
·Mexico City, Mexico
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Netflix Hopes WBD-Paramount Talks Will “Finally Resolve This Matter,” Berates David Ellison Company For Misleading Warner Shareholders
Netflix slammed Paramount’s “antics” and blasted David Ellison's company for misleading Warner Bros. Discovery shareholders on regulatory issues.
·Los Angeles, United States
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Total News Sources21
Leaning Left10Leaning Right1Center8Last UpdatedBias Distribution53% Left
Bias Distribution
- 53% of the sources lean Left
53% Left
L 53%
C 42%
Factuality
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