Warner Bros. Reopens Talks With Paramount After Netflix Waiver
Netflix granted Warner Bros. Discovery a seven-day waiver through Feb. 23, 2026, allowing WBD to seek a best-and-final offer from Paramount Skydance while Netflix retains matching rights.
Overview
Warner Bros. Discovery said Netflix granted a seven-day waiver ending Feb. 23, 2026, allowing WBD to engage in discussions with Paramount Skydance to seek clarity and a best-and-final offer.
The waiver permits WBD to address unresolved deficiencies in Paramount’s prior proposals and to determine whether Paramount can deliver an actionable, binding proposal, WBD said.
WBD reiterated its board’s unanimous recommendation of the Netflix transaction, and Chairman Samuel Di Piazza Jr. and CEO David Zaslav asked Paramount for a best-and-final offer in a letter.
Paramount has proposed $30 per share and signaled it would offer $31 per share if engaged, and it said it would pay the $2.8 billion termination fee plus a 25-cent-per-share ticking fee; Netflix’s amended all-cash offer is $27.75 per share.
WBD set a special shareholder meeting for March 20 and said Paramount has until Feb. 23, 2026, to submit a best-and-final offer, after which Netflix may have rights to match or improve any competing bid, WBD said.
Analysis
Center-leaning sources frame the story as a contentious, high-stakes bidding battle by foregrounding Netflix and WBD statements, using evaluative verbs ("hit out", "rejected", "antics") and emphasizing regulatory hurdles and board recommendations. Editorial choices prioritize this rivalrous narrative, giving less space to Paramount's strategic rationale or neutral market-context analysis.
Sources (27)
FAQ
Netflix granted Warner Bros. Discovery a seven-day waiver through February 23, 2026, allowing WBD to seek a best-and-final offer from Paramount Skydance while Netflix retains matching rights.
History
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