Warner Bros. Discovery has rejected a renewed $30-a-share hostile takeover bid from Paramount Global, but granted the rival studio seven days to submit what it described as a “best and final” offer that could potentially top its existing agreement with Netflix.
In a letter sent on Tuesday, 17 February 2026, Warner Bros Chairman Samuel DiPiazza Jr. and Chief Executive David Zaslav signalled the board’s continued support for the Netflix transaction, even as Paramount informally floated a higher $31-per-share price in an apparent attempt to draw the company back to the negotiating table.
“Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,” DiPiazza and Zaslav wrote to the Paramount board.
“We continue to recommend and remain fully committed to our transaction with Netflix,” they added.
Under the terms set out in the letter, Paramount has until 23 February to submit a revised proposal. Netflix, however, retains the right to match any improved offer under the existing merger agreement — a provision that analysts say significantly reduces the likelihood of a successful switch.
Warner Bros’ response suggests a clear preference for the Netflix deal, despite Paramount’s attempt to sweeten its bid. The company said it would expect any new offer to exceed $31 per share, particularly as a Paramount financial adviser had orally indicated that the studio would agree to that price if Warner Bros reopened discussions — though it stressed this was not Paramount’s “best offer”.
Paramount’s current proposal values the entire company at $108.4 billion. By contrast, Netflix’s agreed offer stands at $27.75 per share, or $82.7 billion, and applies specifically to Warner Bros’ studio and streaming businesses.
The battle underscores the high stakes in a rapidly evolving entertainment landscape, with the two media giants vying for control of Warner Bros’ flagship film and television studios and its deep content library.
That portfolio includes the streaming platform HBO Max and major franchises such as “Harry Potter”, alongside a vast archive of cinematic classics ranging from “Casablanca” and “Citizen Kane” to enduring television and film favourites like “Friends” and “Batman”.
Paramount later acknowledged the seven-day window, though it described the Warner Bros board’s actions as “unusual”. According to Reuters, the CBS parent said it would continue to advance its tender offer, oppose what it termed the “inferior” Netflix merger, and proceed with plans to nominate directors at Warner Bros’ upcoming annual meeting.
Investors reacted positively to the prospect of a higher bid. Warner Bros shares rose 3.4 per cent to $28.93, while Paramount climbed nearly 5 per cent. Netflix shares were largely flat in afternoon trading.
Boluwatife Enome
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