The streaming wars of 2026 just entered their most chaotic phase yet. In a stunning twist that threatens to derail the media deal of the decade, Paramount Skydance has officially launched a last-ditch hostile effort to hijack Netflix’s $82 billion acquisition of Warner Bros Discovery. Following months of boardroom maneuvering, Warner Bros. Discovery (WBD) announced on Tuesday that it has reopened negotiations with the Paramount-Skydance conglomerate, granting the suitor a critical seven-day window to submit a "best and final offer" that could reshape the entire entertainment landscape.
The Seven-Day Showdown: Paramount's "Best and Final" Play
The clock is officially ticking. As of February 18, 2026, Warner Bros. Discovery has paused its exclusive integration planning with Netflix to entertain what could be a superior proposal. This dramatic pivot comes after a senior representative for Paramount Skydance signaled a willingness to hike their all-cash bid to at least $31 per share—a figure that significantly undercuts the implied value of Netflix’s current cash-and-stock agreement.
This seven-day waiver, which expires on February 23, was surprisingly granted by Netflix itself, signaling the streaming giant's confidence—or perhaps its desire to settle the valuation debate once and for all. Sources close to the deal indicate that Paramount’s aggressive strategy is spearheaded by CEO David Ellison, who views the acquisition of WBD’s legendary assets—including HBO, CNN, and the DC Universe—as the only way to build a media fortress capable of rivaling Disney and Tech giants in the streaming wars 2026.
Netflix Acquisition News: The $82 Billion Defensive Wall
To understand the magnitude of this hijack attempt, one must look at what is at stake. The existing Netflix acquisition news from December 2025 outlined a complex transaction valued at roughly $82.7 billion. Under those terms, Netflix would acquire WBD’s studio and streaming assets (including the crown jewel, HBO Max), while the linear TV networks would be spun off into a new entity, "Discovery Global."
However, Paramount Skydance is offering something simpler and potentially more lucrative for weary shareholders: a clean break. Their proposal involves buying the entirety of Warner Bros. Discovery, keeping the linear networks and studio assets under one roof. To sweeten the pot, Paramount has reportedly offered a "ticking fee" of $0.25 per share for every quarter the deal is delayed, essentially paying shareholders for their patience while regulatory bodies review the massive media industry consolidation.
The Breakup Fee Battle
Financial details emerging this week suggest Paramount is ready to play hardball. Beyond the share price hike, the Skydance Media bid includes a pledge to cover the staggering $2.8 billion termination fee WBD would owe Netflix if they walk away from the altar. This removal of financial friction effectively clears the path for WBD’s board to switch sides if the price is right.
Warner Bros Discovery Stock Price Reacts to Bidding War
Wall Street has reacted with predictable volatility. The Warner Bros Discovery stock price surged nearly 4% in pre-market trading Wednesday, hovering near $29 as arbitrage traders bet on a higher final sale price. Analysts remain divided; some view the Netflix deal as structurally safer given the regulatory headwinds facing a Paramount-WBD combination, while others argue that an all-cash exit at $31 is an undeniable win for investors who have held the stock through years of decline.
"This is no longer just about synergy; it's about immediate cash value versus long-term stock potential," notes a senior media analyst at Goldman Sachs. "If Paramount puts $31 cash on the table by Monday, the WBD board faces a fiduciary crisis if they stick with Netflix."
Regulatory Hurdles and the Fate of HBO Max
Even if Paramount succeeds in this corporate raid, the path forward is fraught with peril. A Paramount Warner Bros merger would create a legacy media behemoth with significant concentration in theatrical distribution and linear cable news (combining CBS News and CNN). Regulators in Washington and Brussels are already scrutinizing the sector, and a full-scale combination might invite a prolonged antitrust review extending well into 2027.
Conversely, the HBO Max sale to Netflix faces its own critics, who fear a monopolistic dominance in the premium streaming subscription market. With the March 20 shareholder vote looming, this seven-day window is the final act in a drama that will decide the future of Hollywood's most iconic studios.
