How Paramount brought its failing bid for Warner Bros. back from the brink - MarketWatch# How Paramount brought its failing bid for Warner Bros. back from the brink## Warner Bros. has given Paramount seven days to make a final offer after the company signaled it would raise its price to $31 a share on top of other deal sweeteners offered last weekPublished: Feb. 17, 2026 at 8:54 a.m. ETShareResize---Listen(4 min)Paramount Skydance convinced Warner Bros. to reopen negotiations after signaling it was finally ...

Core Viewpoint - Warner Bros Discovery has rejected Paramount Skydance's $30-per-share takeover offer but has allowed a seven-day period for a revised proposal, with Paramount suggesting a higher price of $31 per share [1][2]. Group 1: Takeover Offer Details - Paramount's current bid for Warner Bros is $108.4 billion, while Netflix has offered $82.7 billion specifically for its studio and streaming units [3]. - Paramount's financial advisor indicated that the offer could increase to $31 per share if negotiations are opened, with potential for further increases [3]. - Warner Bros has stated that any best-and-final proposal must exceed the current offers [3]. Group 2: Shareholder Vote and Merger Implications - Shareholders are scheduled to vote on the Netflix merger on March 20, 2026, after Warner Bros spins off its Discovery Global cable operations [4]. - Warner Bros has emphasized its commitment to the Netflix merger, stating that the proposal from Paramount is not likely to result in a superior transaction [2][5]. Group 3: Previous Engagements and Offers - Paramount has expressed frustration over the lack of meaningful engagement from Warner Bros regarding previous offers made over a 12-week period [6]. - The revised offer from Paramount included a personal guarantee of $40 billion in equity from Oracle founder Larry Ellison, which was also rejected [6]. - Paramount is considering adding directors to Warner Bros' board as part of its strategy to gain influence [7]. Group 4: Market Reactions and Statements - Netflix has claimed that its transaction provides superior value and certainty, while also acknowledging the distractions caused by Paramount's attempts [9]. - Paramount's latest strategy included offering additional cash to Warner Bros shareholders for each quarter the deal remains unclosed, along with agreeing to pay a $2.8 billion breakup fee to Netflix if the deal falls through [10].

Warner Bros. Discovery reopens sale talks with Paramount while setting a date in March to vote on its proposed deal with Netflix https://t.co/YG1irA51lS ...

Group 1 - Activist investor Jana Partners has acquired a stake in Fiserv and is urging the company to take actions to improve its declining share price [1] - Fiserv's shares increased by 6.5% in premarket trading following the news [1] - The company's stock has experienced a significant decline, dropping over 67% in 2025 [1]

Warner Bros. Discovery said it will restart deal talks with Paramount, setting the stage for a potential bidding war with its preferred suitor, Netflix https://t.co/qLJ8VqECv0 ...

Core Viewpoint - Paramount Skydance is making a hostile takeover bid for Warner Bros. Discovery valued at $108.4 billion, with a tender offer of $30 per share directed at WBD shareholders [1][2]. Group 1: Takeover Bid Details - Paramount Skydance's offer comes after it lost a bidding war to Netflix for WBD's streaming and studio businesses [2]. - Warner Bros. Discovery has received a limited waiver from Netflix, allowing it to engage in discussions with Paramount Skydance for a seven-day period to explore deficiencies in the offer [3][5]. - Paramount has indicated that its $30 per share offer is not its "best and final," suggesting a willingness to increase the offer to $31 per share if negotiations resume [4]. Group 2: Warner Bros. Discovery's Position - WBD's CEO, David Zaslav, emphasized the company's focus on maximizing value for shareholders and has provided clear feedback to Paramount regarding the deficiencies in their offer [6]. - A special meeting of WBD shareholders is scheduled for March 20, where the board continues to recommend the Netflix deal over Paramount's offer [6].

Core Viewpoint - Warner Bros Discovery has rejected Paramount Skydance's $30-a-share hostile bid, favoring its existing agreement with Netflix for the sale of its businesses, including HBO Max and the "Harry Potter" franchise [1][3]. Group 1: Bid Details - Paramount has informally proposed a higher bid of $31 per share, which has prompted Warner Bros to consider the offer, although it still prefers the Netflix deal [2][3]. - Paramount has until February 23 to submit a new offer, which Netflix can match under the merger agreement terms [3]. Group 2: Company Responses - Warner Bros' board has expressed that Paramount's proposal is unlikely to result in a superior transaction compared to the Netflix merger, reaffirming their commitment to the Netflix deal [3][4]. - Paramount has acknowledged the seven-day offer period and plans to continue its tender offer while opposing the Netflix merger [4]. Group 3: Financial Implications - A successful acquisition would grant the buyer ownership of Warner Bros' extensive film and television library, which includes iconic titles like "Casablanca" and "Friends" [5]. - Paramount's current offer values the entire company at $108.4 billion, while Netflix's offer for its studio and streaming businesses is $27.75 per share, totaling $82.7 billion [6].

Core Perspective - The auction for Warner Bros. Discovery is highly competitive, with Paramount Skydance making a renewed bid to acquire the studio, which could significantly impact the media landscape in Hollywood [2][3][5]. Group 1: Auction Dynamics - Warner Bros. Discovery has reopened negotiations with Paramount Skydance after pressure from its controlling shareholders, David and Larry Ellison, who are determined to acquire the company [3]. - Paramount has submitted an enhanced offer and indicated readiness to increase its bid further, challenging Warner's preference for a competing offer from Netflix [4]. - Warner's board has set a deadline of February 23 for Paramount to clarify its proposal, emphasizing the urgency of the situation [4]. Group 2: Industry Implications - The potential sale of Warner Bros., known for iconic franchises and shows, is poised to reshape Hollywood through further industry consolidation, marking the largest media deal in nearly a decade [5]. - The ongoing auction reflects a critical moment in the media industry, highlighting the importance of scale, data, and distribution in defining future success [4]. - The backdrop of this auction includes challenges faced by Hollywood workers due to a slowdown in production and technological shifts towards streaming and artificial intelligence [6]. Group 3: Financial Aspects - Warner Bros. Discovery is advocating for its shareholders to approve a deal with Netflix valued at $82.7 billion, indicating strong interest in finalizing this transaction [7].

Market Overview - Stocks and bonds experienced small movements amid muted holiday trading, following benign US inflation data that reinforced expectations for a Federal Reserve interest rate cut this year [1][3] - Futures on the S&P 500 remained flat, while Europe's Stoxx 600 index gained 0.1% [2] - Trading volumes were thin due to the Presidents' Day holiday in the US and Lunar New Year holidays in mainland China [3] Corporate Highlights - NatWest Group Plc saw a 4.8% increase after Citigroup raised its price target on the UK lender [2][10] - Warner Bros Discovery Inc. is considering reopening sale talks with Paramount Skydance Corp. after receiving an amended offer [9] - Alibaba Group Holding Ltd. announced a major upgrade of its AI model, intensifying competition with various startups and sector leaders [9] - Volkswagen plans to cut costs by 20% by the end of 2028, as reported by Manager Magazin [11] Sector Insights - The outlook for equities remains positive post-CPI, but there is potential for increased dispersion in sentiment around AI-exposed sectors [4] - A JPMorgan Chase & Co. team advised caution on stocks at risk of AI-driven "cannibalization," particularly in software, business services, and media [5] - Goldman Sachs launched a new basket of software stocks, focusing on firms benefiting from AI adoption while shorting those at risk of being replaced [5] Economic Indicators - The current earnings season shows a 13% growth among companies, contributing to a positive outlook for the S&P [6] - Traders are anticipating ADP private payroll numbers and the minutes from the Fed's January meeting for further economic insights [6]

Netflix's Warner Bros. Deal Is Under Fire. Odds Shift in Paramount's Favor. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Netflix's Warner Bros. Deal Is Under Fire. Why the Odds Are Shifting in Paramount's Favor.By [George Glover]ShareRes ...