Warner Bros. Discovery Rejects $30-a-Share Paramount Bid, Sets Final Deadline

Post By DJ Longers
February 18, 2026

Streaming Wars Escalation: Warner Bros. Discovery Rejects $30-a-Share Paramount Bid, Sets Final Deadline

NEW YORK — The high-stakes chess match for the future of Hollywood has taken its most dramatic turn yet. Warner Bros. Discovery (WBD) officially rejected Paramount Skydance’s latest $30-per-share hostile takeover bid on Tuesday, instead doubling down on its commitment to a rival $83 billion (approx £61.5 billion pounds sterling) merger with Netflix.

However, the door isn't completely bolted. In a move that suggests the bidding war may still have one final chapter, WBD leadership granted Paramount a seven-day window to present a "best and final" offer to top the Netflix deal.

The "Seven-Day Waiver"

The rejection came with a significant caveat. To clear the way for a potential "superior proposal," WBD secured a limited waiver from its current partner, Netflix. This legal loophole allows WBD to engage in direct discussions with Paramount until 23rd February 2026, specifically to address what the board calls "deficiencies" in Paramount’s current $108.4 billion enterprise-value proposal.

“Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,” wrote WBD Chairman Samuel DiPiazza Jr. and CEO David Zaslav in a letter to the Paramount board. “We remain fully committed to our transaction with Netflix.”

The $31 Question

The tension behind the scenes is palpable. While Paramount’s public bid stands at $30 per share, WBD revealed that a Paramount financial advisor informally suggested the company would be willing to pay $31 per share if formal negotiations were reopened.

WBD leadership appears to be using the new deadline to force Paramount’s hand—essentially calling their bluff to see if the $31 figure (or higher) will actually appear in a binding agreement. Paramount, backed by a $40 billion personal guarantee from Oracle founder Larry Ellison, has maintained that its offer for the entire company is better than Netflix’s play, which primarily targets WBD’s studio and streaming assets.

Paramount vs. Netflix: Different Visions

The battle highlights two fundamentally different paths for the home of Harry Potter and HBO:

The Netflix Plan: An $82.7 billion deal focused on absorbing WBD’s prestigious film/TV studios and Max streaming service. Under this plan, WBD’s legacy cable networks (including CNN, TNT, and Discovery) would likely be spun off into a separate entity.
The Paramount Plan: A total acquisition of WBD for $108.4 billion (including debt), merging the two historic studios into a single "titan" of entertainment to rival Disney.

Shareholder & Activist Pressure

The WBD board is currently fighting on two fronts. While they favor the "certainty" of the Netflix deal, they are facing mounting pressure from activist investors. Ancora Holdings has publicly opposed the Netflix transaction, arguing the board hasn't adequately explored Paramount's offer for the whole company. Meanwhile, Paramount is threatening a proxy fight, aiming to nominate its own slate of directors to the WBD board to force a change in strategy.

The Countdown to 20th March

As it stands, WBD is still marching toward a 20th March 2026, special meeting where shareholders will vote on the Netflix merger.

The next seven days will be the most critical in the modern history of the "Big Five" studios. If Paramount fails to deliver a knockout "best and final" bid by the 23rd February deadline, the Netflix era of Warner Bros. Discovery will likely become a reality.