Warner Bros Gives Paramount Seven Days to Top Netflix Deal

Warner Bros. Discovery has given Paramount Global seven days to submit what it calls a “best and final” offer to surpass its existing merger agreement with Netflix.

The move intensifies a high-stakes battle for control of Warner Bros’ film and television studios, including HBO Max and the lucrative Harry Potter franchise.

In a statement released Tuesday, February 17, 2026, Warner Bros confirmed that Paramount had informally indicated a potential per-share price of $31 a figure higher than Netflix’s agreed offer prompting the board to formally invite a revised bid.

Warner Bros shares rose 3.4% to $28.93 following the development, while Paramount climbed nearly 5%. Netflix shares were largely unchanged in afternoon trading.

Under the current merger agreement, Netflix has offered $27.75 per share valuing Warner Bros’ studio and streaming businesses at approximately $82.7 billion. However, Paramount’s proposal values the entire company at $108.4 billion.

Warner Bros said Paramount has until February 23 to submit a formal improved proposal. The agreement with Netflix allows the streaming giant to match any competing offer.

In a letter to Paramount’s board, Warner Bros Chairman Samuel DiPiazza Jr. and CEO David Zaslav stated that the company had not concluded that Paramount’s preliminary proposal was “reasonably likely” to lead to a superior transaction compared with the Netflix deal.

“We continue to recommend and remain fully committed to our transaction with Netflix,” the executives wrote.

The bidding contest underscores the shifting dynamics of the global entertainment industry, where traditional studios and streaming platforms are racing to consolidate content libraries and scale up to compete in a highly fragmented market.

Paramount later acknowledged the seven-day deadline but described Warner Bros’ handling of the situation as “unusual.”

Warner Bros indicated in its correspondence that it would expect an offer exceeding $31 per share, noting that a Paramount financial adviser had previously signaled the company might be willing to reach that level if negotiations were reopened, though the board emphasized that such a figure would not necessarily represent Paramount’s highest possible bid.

At stake is control of one of Hollywood’s most valuable content portfolios, spanning blockbuster film franchises, premium television brands, and streaming assets.