Warner Bros Reopens Takeover Talks with Paramount After Netflix Waiver

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Warner Bros. Discovery has received a 7-day waiver from Netflix that will allow the studio to reopen takeover talks with Paramount Skydance. This comes after Paramount previously made an all-cash $77.9 billion offer to acquire Warner Bros' entire company, including networks like CNN and Discovery, in December. The waiver will give Warner Bros. until February 23rd to negotiate a possible transaction with Paramount Skydance.

Why it matters

This development represents a shift in the ongoing consolidation of the media industry, as major players jockey for position and control of valuable content and distribution assets. The outcome of these negotiations could have significant implications for the future competitive landscape.

The details

In December, Netflix had agreed to buy Warner's studio and streaming business for $72 billion in an all-cash transaction. However, Paramount's offer to acquire Warner Bros' entire company, including its linear TV networks, was seen as more attractive by some. The 7-day waiver granted by Netflix will now allow Warner Bros. to reengage with Paramount to try to resolve any outstanding issues with Paramount's previous offer.

• On December 1, 2025, Netflix agreed to buy Warner Bros. studio and streaming business for $72 billion.
• In December 2025, Paramount made an all-cash $77.9 billion offer to acquire Warner Bros' entire company, including networks like CNN and Discovery.
• On February 17, 2026, Netflix granted Warner Bros. a 7-day waiver to reopen takeover talks with Paramount Skydance.
• The waiver will expire on February 23, 2026, giving Warner Bros. until that date to negotiate a possible transaction with Paramount.

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.