Warner Bros Discovery has rejected Paramount Skydance’s latest $30-a-share hostile bid.
Warner Bros, however, gave the rival Hollywood studio seven days to submit a “best and final” offer to top an existing agreement to sell its businesses, including HBO Max and “Harry Potter” franchise, to Netflix.
Paramount informally broached an even higher per-share price of $31, Warner Bros said on Tuesday, February 17, 2026, apparently enticing the board to the table.
But its response to Paramount indicates Warner Bros prefers its deal with Netflix, and the odds of a switch are long.
Warner Bros Discovery’s shares were up 3.4% at $28.93, while Paramount rose nearly 5%. Netflix shares were largely flat in afternoon trading.
The company said Paramount has until February 23 to make a new offer, which Netflix is allowed to match under the terms of the merger agreement.
“Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,” Warner Bros Chairman Samuel DiPiazza Jr. and CEO David Zaslav said in a letter sent to the Paramount board on Tuesday.
“We continue to recommend and remain fully committed to our transaction with Netflix,” they added.
Warner Bros mulls reopening sale talks with Paramount
The two media giants have been vying for control of Warner Bros, its flagship film and TV studios and deep content library, in a contest that highlights the high stakes of a rapidly shifting entertainment landscape.
Paramount later on Tuesday acknowledged the seven-day offer, even as it called Warner Bros’ board actions “unusual.”
The CBS-parent said it would continue to advance the tender offer, oppose the “inferior” Netflix merger, and still plans to nominate directors for the upcoming Warner Bros annual meeting, Reuters reported.
A successful deal will give the suitor ownership of Warner Bros’ extensive film and television library, which includes classics ranging from “Casablanca” and “Citizen Kane” to wildly popular favorites like “Friends” and “Batman.”
Warner Bros said in its letter it expects a bid above $31 per share, more so because a Paramount financial adviser had orally informed if Warner Bros reopens deal talks, Paramount would agree to this price, which is not its best offer.
Paramount’s current offer for the whole company comes to $108.4 billion, while Netflix is offering $27.75 a share, or $82.7 billion, just for its studio and streaming businesses.
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