Warner Bros rejects Paramount bid but allows one week for better offer
Warner Bros rejected a $30-a-share bid from Paramount but gave the studio a week to improve its offer. The board still backs its current merger with Netflix.
Insights:
Warner Bros. Discovery, Inc. announced on February 17, 2026, that it has formally rejected a revised $30-per-share hostile takeover bid from Paramount Skydance Corporation Class B Common Stock . While the current proposal was deemed insufficient, the company has granted Paramount a seven-day window to submit a superior offer, establishing a deadline of February 23. This decision keeps the rival acquisition proposal active as a counterweight to the company’s pending merger with Netflix, Inc. , a deal that remains subject to a shareholder vote scheduled for March 20.
The move by the board, which includes Chairman Samuel DiPiazza Jr. and CEO David Zaslav, introduces new variables into the company's strategic restructuring. Specifically, the active bidding process could influence the timing and terms of the planned spin-off of Discovery Global (Warner Bros. Discovery cable operations). The complexity of the situation is further underscored by the different scopes of the competing offers. Paramount Skydance, led by David Ellison and supported by Oracle Corporation founder Larry Ellison, has submitted a full-company bid valued at $108.4 billion. This stands in contrast to the $82.7 billion offer from Netflix, which is focused on the studio and streaming operations, including HBO Max.
