Warner Bros. Resumes Paramount Acquisition Talks After Netflix Exemption

The media giants are negotiating a potential deal after Warner Bros. received a 7-day waiver from its preferred bidder, Netflix.

Feb. 18, 2026 at 5:15pm

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Warner Bros. has resumed acquisition talks with Paramount Skydance after receiving a 7-day exemption from its preferred bidder, Netflix. The media giants are negotiating a potential deal, though details remain unclear at this stage.

Why it matters

This potential acquisition would combine two major Hollywood studios, reshaping the entertainment landscape. It comes amid ongoing consolidation in the media industry as companies seek to build scale and content libraries to compete with streaming giants.

The details

According to the report, Warner Bros. received a 7-day waiver from Netflix, its preferred bidder, allowing it to re-engage in discussions with Paramount Skydance about a possible acquisition. The two companies had previously been in talks, but those negotiations had stalled. It's unclear what the terms of a potential deal would be or if an agreement will ultimately be reached.

  • The talks between Warner Bros. and Paramount Skydance resumed on February 17, 2026.

The players

Warner Bros.

A major American entertainment company and one of the largest film studios in the world, owned by Warner Bros. Discovery.

Paramount Skydance

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

Netflix

A leading global streaming entertainment service provider.

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What they’re saying

“We are pleased to have the opportunity to re-engage with Paramount Skydance and explore a potential transaction that could benefit both companies and our respective shareholders.”

— David Zaslav, CEO, Warner Bros. Discovery

What’s next

The companies are expected to continue negotiations over the next week to determine if a deal can be reached.

The takeaway

This potential acquisition highlights the ongoing consolidation in the media industry as companies seek to build scale and content libraries to compete with streaming giants like Netflix. The outcome of these talks could have significant implications for the future of the entertainment landscape.