Netflix and Paramount Battle for Warner Bros. Discovery

The media landscape is undergoing a dramatic shift as Netflix and Paramount Global vie for control of Warner Bros. Discovery (WBD). Despite an existing agreement between WBD and Netflix, Paramount has launched a competing bid, prompting WBD to reopen negotiations and seek a “best and final” offer. This complex situation involves shareholder votes, potential deal deficiencies, and questions about the future of major media assets.

The Bidding War: A Timeline

Interest in acquiring WBD emerged in Fall 2025, with Paramount Global initially making a series of bids that were rejected. Warner Bros. Discovery then announced in October 2025 that it was exploring “a broad range of alternative options” rather than splitting into two companies.

In December 2025, WBD agreed to a deal with Netflix for its streaming and studio businesses. Yet, Paramount responded with a hostile tender offer directly to WBD shareholders, offering $30 per share in an all-cash deal. Netflix has since granted WBD a seven-day waiver to re-engage in discussions with Paramount, allowing Paramount to present its “best and final offer.”

Netflix’s Position and Concerns

While allowing WBD to explore options with Paramount, Netflix has been critical of Paramount’s financial position. Netflix argues that Paramount’s “financing challenges and rapid deleveraging plans pose tremendous risk to the entertainment industry.” CNN reports that Netflix views the sale to Netflix, combined with the creation of Discovery Global for its cable channels, as the optimal path forward for investors.

WBD’s Strategy and Shareholder Vote

WBD is simultaneously pursuing discussions with Paramount while moving forward with the Netflix merger. The company has scheduled a special shareholder meeting for March 20, 2026, to seek approval for the Netflix deal, which values the studio and streaming assets at $27.75 per share. WBD maintains that the Netflix deal, alongside the formation of Discovery Global, provides the best value for shareholders and avoids the risks associated with Paramount’s proposal.

Paramount’s Counteroffer

Paramount has indicated that its $30 per share offer is not its “best and final,” and has suggested it could raise the bid to $31 per share if deal talks reopen. According to CNBC, Paramount leadership has stated this, but stopped short of a formal increase in the per-share value.

Current Status and Key Dates

As of February 17, 2026, the situation remains fluid. WBD is engaged in discussions with Paramount under the seven-day waiver granted by Netflix, which expires on February 23, 2026. The shareholder meeting to vote on the Netflix deal is scheduled for March 20, 2026.

Financial Implications

The proposed acquisition costs are substantial. As of February 10, 2026, Paramount’s bid was valued at $108.4 billion, while Netflix’s offer for WBD’s streaming and studio businesses was $82.7 billion. These figures highlight the significant financial stakes involved in this media consolidation.