Photo Credit: Getty Images
Warner Bros. Discovery said Tuesday it has reopened negotiations with Paramount Skydance after receiving a seven‑day waiver from Netflix to examine perceived “deficiencies” in Paramount’s bid to acquire the company. WBD said Netflix has granted a limited waiver under the terms of its merger agreement, allowing discussions through February 23, 2026 so the board can seek clarity for stockholders and give Paramount Skydance a chance to submit its best and final offer.
The legacy media company has a pending transaction with Netflix for its streaming and studio businesses. Paramount launched a hostile tender offer straight to WBD shareholders at $30 per share after losing out to Netflix in a bidding war.
“During this period, WBD will engage with Paramount to discuss the deficiencies that remain unresolved and clarify certain terms of Paramount’s proposed merger agreement,” it said.
Paramount leadership has repeatedly said its $30 per share, all-cash offer is not its “best and final.” Last week the company sweetened its offer with additional “enhancements,” but stopped short of raising the per-share value.
Warner Bros. Discovery said Tuesday that a senior Paramount representative informed a WBD board member that it would pay $31 per share if deal talks were to reopen.
After the limited waiver period, Netflix will retain its matching rights provided by the merger agreement, WBD said.
“Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders,” said WBD CEO David Zaslav in a statement. “Every step of the way, we have provided Paramount with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with Paramount 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.”
WBD also on Tuesday announced a special meeting of shareholders will be held on March 20 and said its board continues to unanimously recommend the Netflix deal over Paramount’s offer.
