"Netflix backs away from offer to buy Warner Bros. after Paramount submits revised bid"/ "HBO's future on Crave uncertain as Paramount Skydance acquires Warner Bros. Discovery in merger"

Feb. 26, 2026 "Netflix backs away from offer to buy Warner Bros. after Paramount submits revised bid": Today I found this article on CBC:

Netflix shares ​jumped more than nine per cent premarket on Friday as investors cheered its decision to exit the fight for Warner Bros Discovery, 

while Paramount rose about 10 per cent on winning the race for some ‌of the world's most prized TV and film assets.

Netflix on Thursday signalled it was backing away from its offer to buy Warner Bros. Discovery's streaming and studio assets, saying ‌the deal was no longer financially attractive after Paramount Skydance revised its offer for the coveted Hollywood studio to a $31-a-share offer.

"We've always been ​disciplined, and at the price required to match ​Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance ​bid," Netflix said in a statement.

Warner Bros. Discovery said ⁠earlier in the ⁠day that Paramount's revised $31-a-share offer was ‌superior to its existing deal with Netflix.

Netflix had earlier this month granted Warner Bros. a seven-day waiver to seek a "best and final offer" from Paramount for the company.

Netflix, which was looking to buy ⁠Warner Bros.' streaming and studio assets, agreed in December to a deal valued at $27.75 per share. The company had said its offer, along with a ‌planned divestiture of Warner Bros.' cable assets, would deliver a greater shareholder value.

In its revised bid, Paramount raised the termination fee it would pay should the deal fail to gain regulatory approval to $7 billion US from $5.8 ​billion US.

Paramount said it welcomed the Warner Bros. board's unanimous reaffirmation that its bid represents the stronger ⁠offer.

Federal government, California to review merger

The Ellison Trust is committing $45.7 billion US in equity, up from $43.6 billion US previously, ⁠backed by Larry Ellison and including any additional funds needed to satisfy ⁠Paramount's bank ⁠solvency requirements, the firm ​said.

Bank of America Merrill Lynch, Citi and Apollo are providing $57.5 billion US in ​debt financing, increased from ⁠an earlier $54 billion US commitment.

Paramount CEO David Ellison is the son of Larry Ellison, co-founder, executive chairman and chief technology of Oracle. The bid will face antitrust scrutiny in Washington, though the Ellisons have ties to President Donald Trump, who has spoken favourably about the merger.

California's Attorney General Rob Bonta could attempt to challenge the deal.

"These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in ⁠our review," he said in a statement.

TD Cowen analysts said in a note that in addition to Bonta, "we think there is potential for European regulators to have a say as well."

Some Democratic senators question deal

Paramount's merger with Warner Bros would unite 

two major Hollywood studios, 

two streaming platforms (HBO Max and Paramount+) 

and two ‌news operations (CNN and CBS).

Ellison's Oracle also now has a 15 per cent stake in TikTok, after the popular shot video app's Chinese owner, ByteDance, finalized a deal to set up ​a majority American-owned joint venture company to avoid a U.S. ban.

Netflix made its announcement after CEO Ted Sarandos visited the White House earlier in the day, though he didn't see Trump, according to CNN and CNBC reports. The president was angered by political comments made recently by Netflix board member Susan Rice and demanded the streamer fire the former Obama administration official.

"This is a business deal, it's not a political deal," Sarandos said in comments to BBC on Monday about Trump's demand.

Democratic Senators Elizabeth Warren, Bernie Sanders and Richard Blumenthal ⁠have worried approval of the deal could be tainted by political favouritism.

"What did Trump officials tell the Netflix CEO today at the White House?" Warren, of Massachusetts, said on X. 

"Looks like crony capitalism with the president corrupting the merger process in favour of the billionaire Ellison family."

https://www.cbc.ca/news/business/netflix-backs-away-warner-bros-9.7107622

Mar. 6, 2026 "HBO's future on Crave uncertain as Paramount Skydance acquires Warner Bros. Discovery in merger": Today I found this article by Nick Logan on CBC:

Canadians looking forward to HBO's highly-anticipated TV and streaming adaptation of Harry Potter, set to premiere early next year, will watch it on Crave in Canada.

But it's unclear how much longer the Bell Media-owned streamer will hold exclusive rights to HBO programming, 

including Harry Potter and series such as The White Lotus, as well as the forthcoming final seasons of The Last of Us and House of the Dragon.

Paramount Skydance is set to acquire Warner Bros. Discovery 

— which owns HBO and its streaming service, HBO Max 

— in a takeover worth $110 billion US (about $150 billion Cdn), 

pending federal approval that is expected to happen by the end of the year.

It's not clear what that means for Warner Bros. Discovery's existing deals with Canadian broadcasters and streamers, including Crave, 

or whether Canadian viewers will have to subscribe to another service to watch their favourite shows.

The deal could also have broader implications for streaming in Canada.

Paramount's subscription service, Paramount+, is already available in Canada, 

along with its free ad-supported TV (FAST) service, Pluto TV.

Paramount Skydance CEO David Ellison has indicated he wants to bring those platforms and HBO Max together into a single streaming service.

"We think that really positions us to compete with the leaders in the space," Ellison said on a recent investor call, according to The Guardian.

What will happen to the shows you Crave?

Crave has streamed HBO and HBO Max programming since it signed a licensing deal with the company's former parent, then AT&T-owned Warner Media, in 2019. 

A new deal was struck in 2023 — a year after Discovery bought Warner Media to form Warner Bros. Discovery — and it was renewed and expanded in 2024.

Bell Media is trying to allay concerns that the deal could change any time soon.

"Crave remains home of HBO and HBO Max programming in Canada for many years to come through a long-term deal with Warner Bros. Discovery," Bell Media spokesperson Nicolle Stranges said in an email to CBC News on Thursday.

It's not clear when the current agreement expires.

In statements to Broadcast Dialogue and The Hollywood Reporter earlier this week, Bell Media said its deal with Warner Bros. Discovery would see HBO and HBO Max programming on Crave "for the foreseeable future."

Even if Paramount+ begins offering HBO content in Canada, it may not disappear entirely from Crave. 

In the U.S., for example, some HBO library titles — such as Sex and the City and Six Feet Under — have also streamed on other platforms, including Netflix.

Could the deal affect other Canadian streamers?

If Ellison follows through with putting Pluto TV under one big platform with Paramount+ and HBO Max, 

it's not clear what that would mean for the free streamer's Canadian distributor — Corus Entertainment, the parent company of Global TV.

Corus did not respond to questions before CBC News's deadline.

Rogers Sports & Media struck a deal with Warner Bros. Discovery in 2024 to become the Canadian distributor for brands including HGTV, Food Network and Discovery. 

In addition to broadcasting those channels to cable subscribers, Rogers offers on-demand programming from those networks through its Citytv+ streaming service.

"We're proud to continue offering these beloved brands — 

Discovery, 

Food Network, 

HGTV, 

Magnolia Network, 

and Investigation Discovery (ID) 

— and this great content to Canadian audiences," a company spokesperson said in an email to CBC News on Thursday.

https://www.cbc.ca/news/entertainment/crave-hbo-warner-bros-paramount-deal-9.7115968

"Warner Bros gets a higher offer from Paramount in heated fight for the storied Hollywood studio"/ "Netflix declines to raise offer to buy Warner Bros., clearing way for Paramount"

Feb. 24, 2026 "Warner Bros gets a higher offer from Paramount in heated fight for the storied Hollywood studio": Today I found this article by Wyatte Grantham-Philips on BNN Bloomberg:

NEW YORK — Warner Bros. Discovery said that Paramount has raised the price of its takeover offer to US$31 per share, potentially setting the stage for a fresh bidding war with Netflix over the future of the Hollywood giant.

The company previously offered $30 per share when it first went directly to Warner stakeholders with its all-cash, hostile bid in December -- just days after Warner struck a deal to sell its studio and streaming business to Netflix for $27.75 per share.

Beyond upping its proposed purchase price, Warner said Tuesday afternoon that Paramount had increased its regulatory termination fee to $7 billion. 

Paramount also agreed to move up a previously-promised “ticking fee” payable to shareholders if its deal doesn’t go through now by the end of September -- amounting to 25 cents per share, or a total of $650 million.

After briefly reopening talks with Paramount, Warner earlier confirmed that it had received a revised offer and was reviewing it. When announcing the increased price, Warner said that Paramount’s revised proposal “could reasonably be expected to lead to” a superior offer as defined under its current agreement with Netflix -- but the company’s board has still not actually determined whether Paramount’s offer is better than Netflix’s.

A Netflix spokesperson declined to comment when reached Tuesday afternoon.

A Warner Bros. Discovery buyout would reshape Hollywood and the wider media landscape -- bringing 

HBO Max, 

cult-favorite titles like “Harry Potter” 

and, depending on who wins the Netflix v. Paramount tug-of-war, 

potentially even CNN under a new roof.

Paramount wants to acquire Warner Bros. in its entirety -- including networks like CNN and Discovery. 

But Netflix only wants to buy Warner’s studio and streaming business. 

Warner’s board has repeatedly backed this deal, and on Tuesday maintained that its agreement with Netflix still stands.

If Warner’s board later deems Paramount’s offer to be superior, however, Netflix would then have four days to match or revise its proposal. It could also choose to walk away.

Paramount, Warner and Netflix have spent the last couple of months in a heated back and forth over who has a stronger deal. 

But many lawmakers and entertainment trade groups have sounded the alarm along the way, 

warning that either buyout of all or parts of Warner’s business would only further consolidate power in an industry already run by just a few major players. 

Critics say that could result in 

job losses, 

less diversity in filmmaking 

and potentially more headaches for consumers who are facing rising costs of streaming subscriptions as is.

Combined, that raises tremendous antitrust concerns -- and a Warner sale could come down to who gets the regulatory greenlight. The U.S. Department of Justice has already initiated reviews, and other countries are expected to do so.

Both Paramount and Netflix have argued that their proposals are good for consumers 

and the wider industry. 

And the companies have taken aim at each other publicly with regulatory arguments.

Paramount has pointed to Netflix’s much larger market value. 

And it’s argued that if the streaming giant acquires Warner, it would only give it more dominance in the subscription video on demand space. 

But Netflix is trying to convince regulators that it’s up against broader video libraries, particularly Google’s YouTube. 

Netflix has also said that since it doesn’t currently have the same studios and film distribution that Warner does, it would 

preserve 

and grow those operations 

-- whereas a Warner-Paramount merger would combine two of Hollywood’s last five major studios, 

as well as theatrical channels 

and news networks.

Politics could also come into play. President Donald Trump previously made unprecedented suggestions about his involvement in seeing a deal through, before walking back those statements and maintaining that regulatory approval will be up to the Justice Department.

Trump has a close relationship with the billionaire Oracle founder Larry Ellison (the father of Paramount Skydance CEO David Ellison) who is heavily backing Paramount’s bid to buy Warner. 

And the push to acquire Warner arrive just months after Skydance closed its own buyout of Paramount 

-- in a contentious merger approved just weeks after the company agreed to pay the president $16 million to settle a lawsuit over editing at Paramount’s “60 Minutes” program on CBS. 

Under new ownership, CBS has seen significant editorial shifts, 

notably with the installation of Free Press founder Bari Weiss as editor-in-chief of CBS News. 

Critics say similar changes could happen at Warner’s CNN if Paramount’s bid is successful.

But Trump has continued to publicly lash out at Paramount over editorial decisions at CBS’ “60 Minutes.” The president also previously met with Netflix co-CEO Ted Sarandos, who he called a “fantastic man.”

Wyatte Grantham-Philips, The Associated Press

https://www.bnnbloomberg.ca/business/company-news/2026/02/24/warner-bros-gets-a-higher-offer-from-paramount-in-heated-fight-for-the-storied-hollywood-studio/

Feb. 26, 2026 "Netflix declines to raise offer to buy Warner Bros., clearing way for Paramount": Today I found this article on BNN Bloomberg:

NEW YORK — NEW YORK — Netflix is declining to raise its offer to buy Warner Bros. Discovery’s studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over the fellow storied Hollywood giant.

On Thursday, after Warner’s board announced that Skydance-owned Paramount’s offer was superior to the agreement it had previously struck with Netflix, the streaming giant said 

the new price that would be required to buy Warner 

would make it a deal that is “no longer financially attractive.”

Unlike Netflix’s bid, Paramount wants all of Warner’s operations, including networks like CNN and Discovery. That would put CNN under the same roof as Paramount’s CBS and combine two of Hollywood’s last five remaining studios.

The owner of HBO Max, DC Studios and popular titles like “Harry Potter” had backed Netflix’s proposal for months. 

But after Skydance-owned Paramount upped its rival bid for the entire company to US$31 per share, in addition to other revisions, Warner’s board on Thursday said that the offer “constitutes a ‘company superior proposal.’”

A Paramount buyout Warner’s business would vastly reshape Hollywood and the wider media landscape. Paramount’s CBS has seen significant editorial shifts, notably with the installation of Free Press founder Bari Weiss at CBS News, under new Skydance ownership. And if Paramount’s acquisition of Warner is successful, many expect the reach of those changes to only grow.

A Paramount-Warner combo would also combine two of Hollywood’s five legacy studios that remain today, in addition to their theatrical channels. Beyond “Harry Potter,” Warner movies like “Superman,” “Barbie,” and “One Battle After Another” — as well as hit TV series like “The White Lotus” and “Succession” — would join Paramount’s content library.

Today, Paramount’s lineup of titles include “Top Gun,” “Titanic” and “The Godfather.” And beyond CBS, it owns networks like MTV and Nickelodeon, as well as the Paramount+ streaming service.

Executives at Paramount have argued that merging will be good for consumers and the wider industry. But lawmakers and entertainment trade groups have sounded the alarm — warning that a Warner takeover would only further consolidate power in an industry already run by just a few major players. 

Critics say that could result in job losses, less diversity in filmmaking and potentially more headaches for consumers who are facing rising costs of streaming subscriptions as is.

Combined, that raises tremendous antitrust concerns. The U.S. Department of Justice has already initiated reviews, and other countries are expected to do so, too.

Netflix, Warner and Paramount have spent the last couple of months in a heated, public back and forth over whose deal has a better regulatory path — and offers more value for Warner shareholders. Thursday’s announcement arrived shortly after Paramount upped the ante on its offer.

Beyond increasing its proposed purchase price for Warner, the company also agreed to a regulatory termination fee of $7 billion. And Paramount pledged to move up a previously-promised “ticking fee.”

The company initially said it would pay 25 cents per share for every quarter the deal drags on past the end of the year. Now it’s agreed to pay that amount if the deal doesn’t go through by the end of September, Warner said.

But Paramount is taking on billions of dollars in debt to finance its offer. And David Ellison’s father, Oracle founder Larry Ellison, is heavily backing the bid for his son’s company. Foreign sovereign wealth funds have also provided equity for the offer, drawing scrutiny.  

The Ellisons also have a close relationship with President Donald Trump — bringing more politics into question. Trump previously made unprecedented suggestions about his involvement in seeing a deal through, before walking back those statements and maintaining that regulatory approval will be up to the Justice Department.

The push to acquire Warner also arrives just months after Skydance closed its own buyout of Paramount — in a contentious merger approved just weeks after the company agreed to pay the president $16 million to settle a lawsuit over editing at CBS’ “60 Minutes” program. Still, Trump has continued to publicly lash out at Paramount and “60 Minutes” since.

https://www.bnnbloomberg.ca/business/company-news/2026/02/26/netflix-declines-to-raise-offer-to-buy-warner-bros-clearing-way-for-paramount/

"Netflix just sweetened its $72B US bid for Warner Bros. Here's how the deal happened"/ "Warner Bros reopens takeover talks with Paramount after receiving a waiver from Netflix"

Jan. 22, 2026 "Netflix just sweetened its $72B US bid for Warner Bros. Here's how the deal happened": Today I found this article by Jenna Benchetrit on CBC:

Netflix will pay for Warner Bros. Discovery's streaming and studio division entirely in cash to edge out its rival Paramount — the latest chapter in a months-long saga that, once concluded, could significantly change the global entertainment industry.

The streaming giant announced the move on the same day as its fourth quarter earnings. 

The $72-billion US equity value deal, amounting to $27.75 US per share, 

"expedites the timeline to a WBD shareholder vote 

and provides greater certainty of value 

that will be delivered at closing," 

Netflix wrote in a letter to investors on Tuesday.

Netflix and Paramount have been duelling over the deal for months. 

While Netflix is vying for the company's studio business and streaming catalogue, 

Paramount wants to acquire the entire company — which would include the likes of CNN and the Discovery+ streaming channel.

Geetha Ranganathan, a senior media analyst at Bloomberg Intelligence, questioned whether the deal was a "must-have" or a "nice-to-have" for Netflix.

The deal is largely seen as critical for Paramount Skydance under the helm of new CEO David Ellison, 

and less so for Netflix, 

said Ranganathan. 

However, Netflix's subscriber growth has slowed, 

worrying investors, 

and it's now relying on engagement to boost its value.

To that end, Warner Bros.' deep catalogue — which includes major franchises like 

Harry Potter, 

TV hits like Friends, 

The Sopranos 

and Game of Thrones, 

and classic films like 

Citizen Kane 

and Casablanca 

— would help Netflix scale its business "dramatically," 

said Ranganathan.

So how did we get here, and what happens next?

Oct. 2025: WBD says it's exploring a sale

Months after Warner Bros. Discovery announced that it will eventually split itself into two companies, 

with Warner Bros. handling the studio and film/TV library

and Discovery Global handling properties like CNN and Discovery+, 

the company signals mid-month that it's exploring a potential sale of the business.

Paramount's initial bid to buy the entire company for nearly $24 US a share is reportedly rejected.

Around the same time, Netflix misses its third quarter earnings targets thanks to a dispute with Brazilian tax authorities. Investors remain worried about the streaming giant's capacity to sustain long-term growth.

During that earnings call, Netflix CEO Ted Sarandos 

— who has long insisted that the streamer is a builder, not a buyer 

— says the company would be open to "selective" mergers and acquisitions, but isn't interested in buying legacy media networks.

At the end of the month, reports emerge that Netflix is exploring a bid for Warner Bros., the streaming and studio division of WBD.

Nov. 2025: Netflix vows to release WB films in theatres

Netflix then tries to sweeten its bid for Warner Bros. by promising that the company will keep releasing the studio's movies in theatres, according to Bloomberg News.

Netflix, by virtue of its business model, 

has long maintained that people would rather watch movies at home than in theatres.

But it's had to concede to theatrical windows in recent years to appease filmmakers and to qualify for the Oscars.

Dec. 2025: Netflix's $72B deal & Paramount's hostile bid

Paramount raises its proposed breakup fee (the penalty it pays to WBD in the event that a deal doesn't go through) from $2.1 billion US to $5 billion.

Just a few days later, WBD announces that Netflix will acquire Warner Bros. for a total of $72 billion in cash and stock after its separation from Discovery Global is complete. 

U.S. President Donald Trump, who is friendly with the Ellison family, says he'll be involved in a review of the deal.

Members of U.S. Congress and Hollywood unions criticize the deal. 

Some politicians call it a "nightmare" for U.S. antitrust regulators, 

and unions say it will lead to job cuts, 

fewer theatrical releases, 

and consolidation of power in the entertainment industry.

Now having been rejected multiple times, Paramount launches a $108.4 billion hostile bid against the wishes of the WBD board of directors and its CEO David Zaslav.

Its bid is reportedly backed by several Middle Eastern investment funds, and temporarily by Trump's son-in-law, Jared Kushner. 

Billionaire Larry Ellison (whose son, David, is the CEO of Paramount) makes a personal guarantee to back the offer.

Jan. 2026: WBD rejects Paramount, supports Netflix

In the new year WBD rejects Paramount's hostile bid and calls on investors to do the same, characterizing it as a risky offer leveraged on borrowed money.

Instead, the company actively encourages shareholders to vote for the Netflix deal. 

The two companies have launched a marketing campaign touting the benefits of their partnership.

"The amount of debt that Paramount is going to have to take 

in order to support the transaction is going to be staggering," 

a huge risk if the deal goes south, said Ranganathan, the analyst.

"I think that [WBD] just generally think that the Netflix brand is bigger, better. Netflix will be a better steward of their assets, of all their brands, of all the properties," she added.

Last week, Paramount escalated its aggressive pursuit of WBD, suing the company for the details of its deal with Netflix and announcing plans to nominate directors to the WBD board.

What happens next?

With Netflix now offering all-cash, a shareholder vote on the deal will come sooner, said Ranganathan, which is "going to be the drop-dead deadline for Paramount."

"Even if [U.S.] regulators approve it, we don't know what's going to happen after that," the analyst added. 

For example, Netflix might find itself in an antitrust conundrum where it's forced to choose between the Warner Bros. film studio and HBO, she said.

"Are they actually going to keep the film business? 

Are they going to keep HBO? 

There are just so many ifs and buts here, 

which is what I think is weighing on the stock and on the sentiment quite a bit."

https://www.cbc.ca/news/business/netflix-warner-bros-mega-deal-merger-paramount-9.7054812

Feb. 17, 2026 "Warner Bros reopens takeover talks with Paramount after receiving a waiver from Netflix": Today I found this article by Michelle Chapman And Wyatte Grantham-Philips on BNN Bloomberg:

NEW YORK (AP) — Warner Bros. Discovery is briefly reopening takeover talks with Skydance-owned Paramount to hear the company’s “best and final” offer, while the Hollywood giant continues to back the studio and streaming deal it struck with Netflix.

In a Tuesday regulatory filing, Warner said it had received a waiver from Netflix to reopen talks with Paramount for the next seven days, or until Monday. Warner said this will allow the companies to 

discuss unresolved “deficiencies” 

and “clarify certain terms” 

of Paramount’s latest bid.

But in the meantime, Warner’s board is still recommending shareholders support of its proposed merger with Netflix. A special meeting is now scheduled for Friday, March 20 to hold a vote on that deal.

In a statement, Netflix said it was confident that its proposed transaction “provides superior value and certainty” 

— but recognized “the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics.” 

The streaming giant noted it had granted Warner a seven-day waiver to “finally resolve this matter.”

Warner’s leadership similarly reiterated its support for the Netflix deal.

Meanwhile, Paramount called Tuesday’s actions from Warner’s board “unusual” and said the company could have determined whether Paramount’s offer was superior without a timed deadline. 

Still, Paramount said it was “nonetheless prepared to engage in good faith and constructive discussions.”

Paramount added that it will continue to advance its tender offer priced at US$30 per share, which it maintained was better than Netflix’s proposal, while also pursuing a proxy fight.

The battle for Warner Bros. Discovery is complicated because Netflix and Paramount want different things. 

In December, Netflix agreed to buy Warner’s studio and streaming business for US$72 billion, 

now in an all-cash transaction that would cover its legacy TV and movie production arms, 

as well as HBO Max. 

Including debt, the enterprise value of the deal is about US$83 billion, 

or US$27.75 per share, and would be finalized after Warner completes a previously-announced separation of its cable operations.

Meanwhile, unlike Netflix, 

Paramount wants to acquire Warner’s entire company 

— including networks like CNN and Discovery 

— and went straight to shareholders with an all-cash, US$77.9 billion hostile offer just days after the Netflix deal was announced.

The enterprise value of Paramount’s bid currently stands around US$108 billion including debt, or $30 per share. 

But Warner disclosed Tuesday that a Paramount representative separately informed the company it would up its offer to US$31 per share “pending engagement.”

Analysts at Raymond James said they had “long believed” Paramount was willing to raise its offer “and now it seems we are finally moving in that direction.” 

If Paramount were to up its price to US$32 or US$33 per share, they noted it would be “increasingly difficult to argue the Netflix agreement is superior,” although Netflix could then move to match the bid.

“Netflix is still in the driver’s seat, but now having to make its case,” the analysts added in a Tuesday research note.

Paramount has made more attempts to sweeten its offer recently. Last week, the company said it would pay Warner shareholders an added 

“ticking fee” if its deal doesn’t go through by the end of the year 

— amounting to 25 cents per share, or a total of US$650 million, for every quarter after Dec. 31. 

Paramount also pledged to fund Warner’s proposed US$2.8 billion breakup payout to Netflix under its merger agreement.

The company has been scrambling to solidify more shareholder support. Paramount has extended its tender offer three times, with the latest deadline set for March 2. 

According to company disclosures, more than 42.3 million Warner shares had been “validly tendered and not withdrawn” from its hostile bid as of the start of last week, 

down from over 168.5 million Warner shares on Jan. 21 

— still a small fraction of Warner’s 2.48 billion shares outstanding in series A common stock.

But also last week, one activist investor, Ancora Holdings, publicly expressed opposition to Warner’s proposed merger with Netflix. 

And beyond its tender offer, Paramount has also promised a proxy fight. On Tuesday, the company reiterated plans to nominate its own slate of directors at Warner’s upcoming annual meeting.

What, if anything, changes after the next seven days of talks has yet to be seen. Paramount, Warner and Netflix have spent the last couple of months in a heated back and forth over who has a stronger deal on the table.

The prospect of a Warner sale to either company has raised tremendous antitrust concerns from lawmakers worldwide, 

who are calling on regulators to carefully scrutinize a merger of this size.

The U.S. Department of Justice has already initiated its reviews, and other countries may also scrutinize either deal. 

Both Paramount and Netflix have said they received securities clearance from German authorities last month.

Shares of Warner Bros. Discovery rose more than three per cent in Tuesday trading.

Paramount Skydance climbed over five per cent, while Netflix’s stock inched up slightly.

Michelle Chapman And Wyatte Grantham-Philips, The Associated Press

https://www.bnnbloomberg.ca/business/company-news/2026/02/17/warner-bros-reopens-takeover-talks-with-paramount-after-receiving-a-waiver-from-netflix/