Warner Bros. Discovery Reopens Paramount Talks, Gives It One Week To Beat Netflix Bid

Warner Bros. Discovery is bringing Paramount’s attempts to take it over to a head, reopening talks with a week for the studio to beat out Netflix’s deal. As you likely know Paramount Skydance is in the midst of a hostile bid for WBD, trying to counter Netflix’s $82.7 billion deal for the company. As NBC News reports, WBD stated on Tuesday that it has rejected the latest $30 per share bid from Paramount but will give them until February 23rd to make its “best and final offer.”

WBD also stated that a Paramount “senior executive” suggested that Paramount would be willing to extend a $31 per share offer if the studio engaged in talks. Paramount Skydance will have until next Tuesday to tender a final offer. Warner Bros. is still currently supporting Netflix’s deal and recommended that shareholders back that deal. Warner Bros. Discovery set a date for the shareholder vote on Tuesday, namely March 20th.

Paramount is seeking to buy all of Warner Bros. Discovery, including the Global Networks side that would be spun off in the Netflix deal. Netflix’s current offer is for $27.75 a share without the networks. Should Paramount submit an offer that WBD favors, Netflix would have the ability to match or improve upon that offer.

Warner Bros. Discovery’s crux in regard to Paramount’s offer is that it has, according to them, “insufficient value” compared to Netflix’s. It has repeatedly rejected bids from the David Ellison-chaired company and argued, among other things, that Paramount taking over would result in many more jobs lost than with Netflix due to redundancies that Netflix doesn’t have. Both they and Netflix argue that Paramount’s bid will leave the company over-leveraged with debt that would require massive cuts. They have also disputed the notion put forth by Paramount that the latter studio would have an easier time navigating regulatory approval.

Netflix issued a statement on the matter, confirming that they had granted a “seven-day waiver” in order to allow WBD to engage with Paramount Skydance “to fully and finally resolve this matter.” Netflix’s statement accused Paramount Skydance of “antics” distracting the industry and stated:

“Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs.”

The statement goes on to accuse Paramount of “mischaracteriz[ing] the regulatory review process by suggesting its proposal will sail through, misleading WBD stockholders about the real risk of their regulatory challenges around the world. WBD stockholders should not be misled into thinking that PSKY has an easier or faster path to regulatory approval – it does not. PSKY is also quick to publicize routine checkpoints to exaggerate “progress.” For example, PSKY cited securing German FDI clearance on January 27, 2026, as evidence of their “regulatory certainty.” In fact, Netflix received German FDI clearance on the very same day.”

Paramount also issued a statement calling the seven-day window “unusual” but acknowledged that they are “prepared to engage in good faith and constructive discussions.” They reiterated the $30 per share offer and did not indicate whether a higher bid is coming.

AEW is of course a broadcast partner of WBD. It was revealed in filings that AEW would stay with Discovery, aka the spinoff Global Linear Networks, should the Netflix deal go through. AEW’s weekly series and PPVs are expected to stay on HBO Max.