Warner Bros Reopens Takeover Talks with Paramount After Netflix Waiver

The studio has until February 23 to negotiate a potential deal with Paramount Skydance.

Published on Feb. 18, 2026

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Netflix has granted Warner Bros. Discovery a seven-day waiver, allowing the studio to reopen takeover talks with Paramount Skydance. This comes after Warner's leadership had consistently backed Netflix's $72 billion all-cash offer to acquire Warner's studio and streaming business. Paramount had previously made a $77.9 billion all-cash offer to acquire Warner's entire company, including networks like CNN and Discovery.

Why it matters

The potential acquisition of Warner Bros. by either Netflix or Paramount would reshape the media landscape, combining major entertainment assets and streaming platforms. This development signals an intensifying battle for market dominance among the industry's top players.

The details

In a regulatory filing, Warner Bros. stated that the waiver from Netflix will allow it to discuss unresolved 'deficiencies' in Paramount's previous offers. The studio now has until February 23 to negotiate a possible transaction with Paramount Skydance. Previously, Warner's leadership had backed Netflix's $72 billion all-cash offer, which the companies said would speed up the path to a shareholder vote by April. Paramount's $77.9 billion all-cash offer in December aimed to acquire Warner's entire company, including networks like CNN and Discovery.

  • On February 17, 2026, Netflix granted Warner Bros. Discovery a seven-day waiver.
  • Warner Bros. has until February 23, 2026 to negotiate a possible transaction with Paramount Skydance.

The players

Netflix

A major streaming platform that had previously agreed to acquire Warner Bros. Discovery's studio and streaming business for $72 billion in an all-cash transaction.

Warner Bros. Discovery

A media and entertainment conglomerate that owns various entertainment assets, including Warner Bros. studios and networks like CNN and Discovery.

Paramount Skydance

A media company that made a $77.9 billion all-cash offer to acquire Warner Bros. Discovery's entire company, including its networks and entertainment assets.

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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 development highlights the ongoing competition and consolidation in the media industry, as major players vie for control of valuable entertainment assets and streaming platforms.