On February 17, Warner Bros. Discovery announced that it had turned down the latest hostile takeover offer from Paramount Skydance, which valued the potential transaction at $30 per share. Despite this increase in value, the board of WBD has been leaning towards a competing offer from Netflix for several months. However, in a notable shift in approach, Warner Bros. has provided Paramount with a seven-day window to negotiate a more attractive deal.

This gives Paramount a chance to put forth their 'best and final offer' for acquiring WBD by February 23. The terms of a merger agreement from December 2025 indicate that Netflix will have the right to match any new rival proposals. This ongoing negotiation indicates the competitive landscape of the media industry, where major studios are vying for strategic positions through mergers and acquisitions.

The decision by WBD to entertain Paramount's offer for a week hints at the complexities and pressures within the entertainment sector. As potential mergers can reshape market dynamics significantly, the outcome of this negotiation could have wide-reaching implications for how competing streaming services and entertainment companies strategize in the near future.