Warner Bros. Discovery Confirms Amended Paramount Bid

Paramount Skydance seeks all WBD shares via tender offer as board sticks with Netflix merger

Published on Feb. 10, 2026

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Warner Bros. Discovery (WBD) has confirmed receiving an amended, unsolicited tender offer from Paramount Skydance Corporation (PSKY) to acquire all outstanding shares of WBD common stock. The WBD board will review the offer but is not modifying its recommendation to proceed with the previously announced merger agreement with Netflix. WBD is advising shareholders not to take any action on the Paramount Skydance tender offer at this time.

Why it matters

This development adds another layer of complexity to the ongoing media consolidation saga, as major players jockey for position and control in the rapidly evolving streaming landscape. The outcome could have significant implications for the future direction and ownership of iconic entertainment brands.

The details

Paramount Skydance's amended tender offer seeks to acquire all outstanding shares of WBD common stock, in contrast to the previously announced merger agreement between WBD and Netflix. The WBD board will review the Paramount Skydance offer, but has not changed its recommendation to proceed with the Netflix deal. WBD has advised shareholders to take no action on the Paramount Skydance tender offer for now.

  • On February 10, 2026, WBD confirmed receiving the amended tender offer from Paramount Skydance.

The players

Warner Bros. Discovery, Inc. (WBD)

A leading global media and entertainment company that creates and distributes a portfolio of branded content across television, film, streaming and gaming.

Paramount Skydance Corporation (PSKY)

The company making the unsolicited amended tender offer to acquire all outstanding shares of WBD common stock.

Netflix, Inc. (Netflix)

The company that WBD has a merger agreement with, which the WBD board is currently recommending shareholders approve.

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What’s next

The WBD board will review the amended Paramount Skydance tender offer and advise shareholders of its recommendation after completing that review.

The takeaway

This development highlights the ongoing consolidation and competition in the media and entertainment industry, as major players vie for control of valuable content and distribution platforms. The outcome could reshape the landscape for years to come.