Paramount Skydance Corporation announced that the Hart‑Scott‑Rodino antitrust waiting period for its all‑cash $108.4 billion offer for Warner Bros. Discovery expired on February 19 2026, eliminating the statutory 10‑day pause that had previously delayed the transaction.
The bid is a hostile one; Paramount Skydance, formed from the merger of Skydance Media and Paramount Global on August 7 2025, has not yet secured a definitive merger agreement with Warner Bros. Discovery. Warner Bros. Discovery’s board has repeatedly rejected the offer and remains committed to a separate $82.7 billion deal with Netflix, with a shareholder vote scheduled for March 20 2026.
Paramount Skydance’s bid was extended by a “second request” from the Department of Justice, which the company satisfied on February 9 2026. The enhanced offer now includes a ticking fee and a commitment to cover Netflix’s termination fee, terms that were added on February 10 2026 to strengthen the proposal.
Although the U.S. waiting period has lapsed, the transaction still faces multiple regulatory hurdles. International regulators, the Committee on Foreign Investment in the United States (CFIUS) due to the involvement of Middle Eastern sovereign wealth funds, and shareholder approval remain required before the deal can close.
The expiration removes a key legal obstacle, but the absence of a definitive agreement and Warner Bros. Discovery’s preference for the Netflix partnership mean the acquisition is still far from completion. The milestone is significant for Paramount Skydance’s strategy to consolidate content libraries and prevent Warner Bros. Discovery’s planned split, yet it does not guarantee a successful outcome.
The event underscores the complex interplay of regulatory approvals, board decisions, and competing offers that will shape the future of the U.S. media landscape.
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