Netflix grants Warner Bros. Discovery waiver to discuss Paramount Skydance offer

Netflix has given Warner Bros. Discovery seven days to talk with Paramount Skydance about a possible merger. The window closes on February 23, 2026. Paramount has offered $30 per share in cash to buy WBD, but its leaders say this price is not final. They have added improvements to the offer without raising the share price. WBD had already agreed to merge with Netflix in December 2025, but Paramount then made a competing bid. Both deals face questions from regulators about fair competition and consumer prices. After the news, WBD shares rose about 3 percent and Paramount shares rose about 5 percent. WBD must now decide which deal to accept before the seven-day period ends.