- Primary Subject: The Netflix vs. Paramount Skydance bidding war for Warner Bros. Discovery
- Key Update: Warner Bros. Discovery has officially restarted takeover talks with Paramount Skydance after Netflix granted a seven-day window to consider their superior $31-per-share offer.
- Status: Confirmed
- Last Verified: February 17, 2026
- Quick Answer: WBD has until February 23 to negotiate with Paramount Skydance; otherwise, shareholders will proceed with the $27.75-per-share Netflix merger vote on March 20.
In a major update to the acquisition of Warner Bros. Discovery, Paramount Skydance has increased its bid for the merger, surpassing Netflix's initial offer. Netflix has granted a seven-day deal with WBD to finalize with PSKY's last offer, leaving the merger deal up in the air until the newly struck deadline.
What's the Latest Development on Netflix's Merger Deal with Warner Bros. Discovery?
The battle for the future of (HBO) Max and the historic Warner Bros. lot has taken a dramatic turn.
While Netflix appeared to have the acquisition in the bag with its $27.75-per-share agreement reached last year, Paramount Skydance (PSKY) has intervened with a superior financial offer.
"Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," Warner Bros. Discovery's CEO, David Zaslav, previously said. "Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them."
Zaslav went on to add that a formal conversation is still in progress with PSKY to "determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders", which would more or less require more time.
Thus comes the seven-day ultimatum: in a surprising show of confidence, Netflix has granted WBD until February 23, 2026, to explore this rival bid. If Paramount Skydance fails to provide a binding "financially superior" contract by that date, then WBD will move forward exclusively with the Netflix merger.
What Really Happens After Netflix and Warner Bros. Discovery Strike Their Deal?
If the Netflix deal holds, the streaming landscape is bound to change overnight. Max's content would likely fold under a Netflix Platinum tier.
However, if Max does end up with a full merger of Paramount+, they could turn their platform into a single "Super Streamer." Given the seven-day window, PSKY would have to speed up the process to grab the opportunity before it lands in Netflix's hands.
PSKY's $31-per-share offer is not only better for shareholders' wallets but also more likely to be approved by federal antitrust regulators, who have grown skeptical of Netflix's market dominance.
Should Zaslav and the board choose Paramount Skydance before the February 23 deadline, Netflix may be forced to choose between two new options: walk away with a massive break-up fee or raise its own bid to match the new $31 standard.Keep it locked on Epicstream.com, the best source for film, TV, and celebrity coverage!