Warner Bros. Discovery restarts takeover talks with Paramount Skydance

February 17, 2026

TL;DR

Warner Bros. Discovery (WBD) is re-engaging in acquisition talks with Paramount Skydance.
This development follows Netflix, the initial acquirer, granting WBD a seven-day period to explore alternative offers.
Paramount Skydance has signaled an increase in its bid to $31 per share and claims financial superiority over Netflix's $27.75 per share offer.
Paramount Skydance's proposal includes acquiring all of WBD, encompassing its cable TV properties, while Netflix's deal focuses on the movie studio and streaming assets.
WBD's board still advises shareholders to vote in favor of the Netflix deal, with a shareholder vote set for March 20.
Netflix expressed confidence in its offer's antitrust approval and potential benefits to consumers and the industry.

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