New chapter in the battle for control of Warner Bros Discovery (WBD): The major has opened a seven-day window, until February 23, 2026, to allow Paramount Skydance (Psky) to present an improved final offerThe move was made possible by a waiver granted by Netflix, with which Wbd has already signed a agreement di fusion which remains formally recommended by the council and will be submitted to the Shareholders' vote on March 20th.
According to sources close to the company, reported by Wall Street Journal, they remain doubts on Paramount's ability to present a truly superior offer, also due to the high level of debt required and the restrictive clauses included in the proposal. Meanwhile, the United States Department of Justice is examining both the Netflix deal and Paramount's proposal as part of its investigations antitrust.
In pre-market UsaParamount shares are up nearly 4%, WBD is up more than 2%, and Netflix is up a more modest 0,78%.
Read EVEN Paramount raises its bid on Warner Bros.: Netflix will pay a penalty and extra cash for delays.
Why Warner Bros. Opens to Paramount
It's not just about giving Paramount the ability to raise the price: Warner's main goal is clarify the issues raised by shareholders and discuss the remaining unresolved shortcomings in Psky's proposal. For this reason, the board sent an official letter to Paramount, with the complete drafts of the settlement agreements and the key issues to be confirmed, requesting a concrete and binding proposal.
A senior representative of Psky informally communicated the willingness to pay 31 dollars per share, but WBD specifies that this figure does not represent the “best and definitive” proposalIn other words, the battle is not just about numbers, but also about the solidity and certainty of the offering.
Warner Bros CEO, David Zaslav, He commented: “Throughout the process, our sole objective has been to maximize value and certainty for WBD shareholders. At every stage, we have provided Paramount with clear guidance on the shortcomings of their offerings and opportunities to address them. We are working with PSKY to assess whether it can present a concrete and binding proposal that offers greater value and certainty.”
WBD Board's Position: Netflix Remains Priority
Despite the openness to dialogue, Wbd reiterates that the merger with Netflix remains the preferred pathThe deal includes the integration of Warner's studios and streaming services into the platform, with the spinoff of the linear television business into a new publicly traded company. Priced all in cash at $27,75 per share, the Netflix offer provides shareholders with a high level of certainty on several fronts.
Netflix, while granting Warner Bros. the waiver, took the opportunity to direct thrustParamount's actions have been called "buffoonery," with accusations that it misled shareholders about regulatory risks and the soundness of its proposition. The platform reiterates that its deal remains "the only clear path" to maximize shareholder value and quickly secure global antitrust approvals.
In the next few days, Paramount will have the decisive opportunity to present an improved final offerBut WBD warns: the opening of talks does not change the board's position, which continues to recommend the merger with Netflix, which may match or improve upon any proposal put forward. The final say will be up to shareholders, with their vote in March.
