Warner Bros. Reopens Takeover Talks with Paramount After Netflix Waiver

Streaming giant Netflix grants 7-day waiver allowing Warner Bros. Discovery to reengage in acquisition discussions with Paramount Skydance.

Published on Feb. 18, 2026

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Warner Bros. Discovery has reopened takeover talks with Paramount Skydance after receiving a 7-day waiver from Netflix, which is in the process of acquiring Warner Bros. film and streaming assets, including HBO. The blockbuster deal could have significant implications for the local film industry in Albuquerque, New Mexico, where Netflix has a major production presence.

Why it matters

This potential acquisition represents further consolidation in the entertainment industry, with Netflix seeking to eliminate competition by acquiring major film and TV assets. Local filmmakers are concerned this could impact the theatrical experience and limit the number of theatrical releases, while also potentially bringing more production jobs and investment to New Mexico.

The details

Netflix is granting Warner Bros. Discovery a 7-day waiver that would allow it to reengage in talks with Paramount Skydance. The $80 billion deal would give Netflix control over major franchises like Game of Thrones and the DC Universe. Local filmmaker Ross Marks worries this could "kill the theatrical experience" as Netflix may prioritize streaming releases over theatrical ones for the acquired properties. However, Marks also sees a potential silver lining, noting that the increased production activity in New Mexico could lead to more jobs and investment in the state.

  • On February 17, 2026, Netflix granted Warner Bros. Discovery a 7-day waiver to reengage in takeover talks with Paramount Skydance.

The players

Netflix

A major streaming giant that is in the process of acquiring Warner Bros. film and streaming assets, including HBO.

Warner Bros. Discovery

The media company that owns Warner Bros. film and TV assets, which is currently in talks to be acquired by Netflix.

Paramount Skydance

The media company that Warner Bros. Discovery is in talks to potentially acquire.

Ross Marks

A filmmaker and professor at New Mexico State University who is concerned about the potential impact of the deal on the theatrical experience.

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What they’re saying

“I really believe strongly in the theatrical experience. I believe movies are meant to be seen on the big screen with surround sound, with an audience that communal experience.”

— Ross Marks, Filmmaker and Professor (WCVB)

What’s next

The judge in the case will decide on Tuesday whether or not to allow the acquisition talks to proceed between Warner Bros. Discovery and Paramount Skydance.

The takeaway

This potential deal highlights the ongoing consolidation in the entertainment industry, with streaming giants like Netflix seeking to expand their content libraries and eliminate competition. While it could bring more production jobs and investment to New Mexico, local filmmakers are concerned it may come at the expense of the traditional theatrical experience.