Warner Bros. rejects Paramount again but asks for "best and final offer"

February 18, 2026
Warner Bros. rejects Paramount again but asks for "best and final offer"

Here's something that might just shake up the streaming world — Warner Bros. Discovery has given Paramount one last shot to beat Netflix’s offer. And get this — while Warner Bros. still officially backs the Netflix merger, they’re running secret negotiations with Paramount, despite calling their previous offers lacking. According to Jon Brodkin from Ars Technica, Warner Bros. has a limited waiver allowing them a seven-day window — ending February 23 — to explore a potential deal with Paramount Skydance. Now, here’s where it gets interesting: Warner Bros. scheduled a shareholder vote for March 20 to push forward with Netflix, but they’re keeping their options open. What does this mean? Well, it’s a high-stakes game of negotiations, and the outcome could totally disrupt the current merger plans. Basically, Warner Bros. is playing hardball — asking Paramount for its best final offer while still publicly backing Netflix. So, don’t be surprised if we see some unexpected moves soon — this could flip the entire streaming landscape.

Warner Bros. Discovery is giving Paramount one more week to make its best and final offer, leaving the door open for a deal that could upend its merger agreement with Netflix.

Officially, Warner Bros. is still committed to Netflix. The company today scheduled a special meeting date of March 20 and recommended that shareholders vote for the Netflix merger. But Warner Bros. is simultaneously opening negotiations with Paramount despite calling all of its previous offers deficient.

"Netflix has provided WBD a limited waiver under the terms of WBD’s merger agreement with Netflix, permitting WBD to engage in discussions with Paramount Skydance for a seven-day period ending on February 23, 2026 to seek clarity for WBD stockholders and provide PSKY the ability to make its best and final offer," Warner Bros. said today.

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Warner Bros. Discovery is giving Paramount one more week to make its best and final offer, leaving the door open for a deal that could upend its merger agreement with Netflix.

Officially, Warner Bros. is still committed to Netflix. The company today scheduled a special meeting date of March 20 and recommended that shareholders vote for the Netflix merger. But Warner Bros. is simultaneously opening negotiations with Paramount despite calling all of its previous offers deficient.

"Netflix has provided WBD a limited waiver under the terms of WBD’s merger agreement with Netflix, permitting WBD to engage in discussions with Paramount Skydance for a seven-day period ending on February 23, 2026 to seek clarity for WBD stockholders and provide PSKY the ability to make its best and final offer," Warner Bros. said today.

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Warner Bros. rejects Paramount again but asks for "best and final offer" | Speasy