An aerial view of the Paramount logo displayed on the water tower at Paramount Studios on December 8, 2025 in Los Angeles, California. Entertainment giant Paramount, now renamed Paramount Skydance, is attempting a hostile takeover bid for Warner Bros. Discovery worth $108.4 billion.
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Warner Bros. Discovery on Tuesday said it will engage in deal talks with Paramount Skydance under a 7-day waiver from Netflix to explore "deficiencies" in Paramount's offer to buy the entirety of WBD.
The legacy media company has a pending transaction with Netflix for its streaming and studio businesses. Paramount launched a hostile tender offer at $30 per share straight to WBD shareholders after losing out to Netflix in a bidding war.
"Netflix has provided WBD a limited waiver under the terms of WBD's merger agreement with Netflix, permitting WBD to engage in discussions with Paramount Skydance ("PSKY") (NASDAQ: PSKY) for a seven-day period ending on February 23, 2026 to seek clarity for WBD stockholders and provide PSKY the ability to make its best and final offer," Warner Bros. Discovery said in a release.
"During this period, WBD will engage with PSKY to discuss the deficiencies that remain unresolved and clarify certain terms of PSKY's proposed merger agreement," it said.
Paramount leadership has repeatedly said its $30-per-share offer is not its "best and final." Warner Bros. Discovery said Tuesday that a senior Paramount representative informed a WBD board member that it would pay $31 per share if deal talks were to reopen.
After the limited waiver period, Netflix will retain its matching rights provided by the merger agreement, WBD said.
"Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," said WBD CEO David Zaslav in a statement. "Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer."
WBD also on Tuesday announced a special meeting of shareholders will be held on March 20 and said its board continues to unanimously recommend the Netflix deal over Paramount's offer.
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