US EditionWarner Reopens Talks With Paramount, Setting the Stage for Potential Bidding War With Netflix
Warner Bros. Discovery seeks Paramount's highest binding offer within a 7-day Netflix waiver to maximize shareholder value amid a potential 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.
343 Articles
343 Articles
CHRONIQUE. The media and entertainment group Warner Bros. Discovery opens a final round of negotiations with Paramount around its buy-out offer, rival of Netflix's. A question of price, but not only. It will remain to get the green light of the competition authorities, warns Isabelle Chaperon, columnist at the "World Economy" service.
You will have a week to convince the group to accept your offer, thanks to a derogation granted by Netflix
Warner Bros Discovery reopens talks with Paramount
Warner Bros Discovery has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance after the suitor proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix.
Warner Bros. Discovery Gives Paramount (Yet) Another Chance
Anderson Cooper is leaving 60 Minutes but could be back at CBS before long. On Tuesday, CNN parent Warner Bros. Discovery confirmed that it is reopening negotiations on a potential sale to Paramount, putting its tie-up with Netflix on hiatus for at least seven days ending February 23 as it awaits Paramount’s “best and final offer.” Paramount Plus What? In a statement Tuesday, WBD’s board said it still unanimously recommends Netflix’s offer ove…
After Censoring CBS, Trump Will Go For CNN
After Censoring CBS, Trump Will Go For CNN by Jonathan AlterI’ve learned Trump will kill Netflix’s bid for Warner and help Paramount win, giving him control of Fox, CBS, CNN, and TikTok. But as Colbert showed, we can fight backRead on Substack Amended transcript of short video from Old Goats with Jonathan Alter: On the day after Trump’s efforts to censor Stephen Colbert blew up in his face, I have fresh reporting on why Netflix is not likely to …
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 …
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