Netflix Grants 7-Day Window for WBD-Paramount Offer Discussions

Warner Bros. Discovery CEO says company will engage with Paramount Skydance on its offer, but still believes Netflix deal is better.

Published on Feb. 18, 2026

Got story updates? Submit your updates here. ›

Warner Bros. Discovery announced that Netflix has granted it a limited 7-day waiver to allow WBD to talk with Paramount Skydance about its amended offer to buy the company. The waiver ends on February 23 and is designed to allow Warner Bros. stockholders to gain clarity on their options and to allow Paramount to make its best and final offer. However, the WBD board continues to unanimously recommend the Netflix merger and urges shareholders to reject the Paramount offer.

Why it matters

The ongoing saga of the Warner Bros. sale has been closely watched in the entertainment industry, with a bidding war between Netflix and Paramount to acquire the company. This latest development gives Paramount a chance to make its case to WBD shareholders, but Netflix still retains matching rights under the original merger agreement.

The details

Warner Bros. Discovery CEO David Zaslav said the company will engage with Paramount Skydance on its offer, but still believes the Netflix deal is a better choice. Paramount's latest amended offer includes paying the $2.8 billion termination fee that WBD would owe Netflix and an agreement to back WBD's debt costs. Paramount also offered to pay a ticking fee of 25 cents per share for each quarter the deal is delayed, starting in 2027, giving WBD shareholders about $650 million in cash per quarter. However, Paramount did not raise its $30-per-share bid.

  • The 7-day waiver granted by Netflix ends on February 23, 2026.
  • WBD will hold a special shareholder meeting on March 20, 2026 to vote on the Netflix merger.

The players

Warner Bros. Discovery

A media and entertainment company formed from the merger of Warner Bros. and Discovery, Inc. in 2022.

Netflix

An American subscription streaming service and production company.

Paramount Skydance

A media company formed from the merger of Paramount Pictures and Skydance Media.

David Zaslav

The President and CEO of Warner Bros. Discovery.

Larry Ellison

The founder and CTO of Oracle Corporation, who is backing Paramount Skydance's bid for Warner Bros. Discovery.

Got photos? Submit your photos here. ›

What they’re saying

“Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer.”

— David Zaslav, President and CEO, Warner Bros. Discovery (Warner Bros. Discovery)

What’s next

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

The takeaway

This latest development in the Warner Bros. Discovery sale saga highlights the ongoing competition between media giants like Netflix and Paramount to acquire valuable content and distribution assets. The outcome will have significant implications for the future of the entertainment industry.