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February 19, 2026
Warner Bros. Discovery reopened talks with Paramount Skydance, allowing a final bid to challenge Netflix’s preferred deal for its streaming and studio assets.
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Warner Bros. Discovery has reopened negotiations with Paramount Skydance, giving the bidder one week to improve its acquisition offer as the media giant leans toward a rival deal with Netflix. The talks, running until February 23, are intended to allow Paramount Skydance to submit a “best and final offer,” though Warner Bros. Discovery reiterated its preference for the Netflix transaction.
In October, Warner Bros. Discovery announced it was open to acquisition proposals, later accepting Netflix’s $83 billion bid for its streaming and studio assets. That deal excludes television properties such as CNN and Discovery, which would be spun off into a new publicly traded entity, Discovery Global.
Paramount Skydance, however, is seeking to acquire the entire company for $108 billion. Its CEO, David Ellison, argues the deal faces fewer regulatory hurdles than the Netflix bid. Backed by his father, Larry Ellison, and RedBird Capital Partners, the offer includes equity commitments of $43.6 billion and $54 billion in debt financing.
Paramount has also proposed a quarterly “ticking fee” and pledged to cover the $2.8 billion breakup fee tied to the Netflix agreement. Critics warn that a Netflix takeover could concentrate excessive power in Hollywood, intensifying concerns over competition and creative control in an already disrupted industry.
