The 10‑day Hart‑Scott‑Rodino waiting period for Paramount Skydance’s all‑cash offer of $108.4 billion for Warner Bros. Discovery expired on February 19, 2026, after the Department of Justice issued a second request for information and Paramount complied on February 9. The expiration removes the statutory hold that had delayed the transaction, but the DOJ can still investigate and challenge the merger on competition grounds.
Paramount Skydance’s offer of $108.4 billion covers the entire Warner Bros. Discovery portfolio, while Netflix’s competing proposal values the streaming and studio assets at $82.7 billion. The two bids differ not only in price but also in scope: Paramount seeks full ownership, whereas Netflix targets only the digital and studio components, leaving the global networks to be spun off.
The DOJ’s review remains ongoing, and the merger is not yet approved. A shareholder vote on the Netflix deal is scheduled for March 20, 2026, and Paramount is actively working to persuade Warner Bros. Discovery shareholders to reject the Netflix agreement and support its own bid. The outcome of that vote will be a decisive factor in determining which offer moves forward.
"Every step of the way, we have provided [Paramount Skydance] with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with [Paramount Skydance] now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer," said Warner Bros. Discovery CEO David Zaslav. "Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion," added Paramount Skydance CEO David Ellison. Netflix has also weighed in, noting that its proposal "provides superior value and certainty," while acknowledging the "ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics."
Investors are closely monitoring the DOJ’s investigation and the upcoming shareholder vote, as the regulatory outcome and shareholder approval will determine whether Paramount Skydance or Netflix ultimately secures Warner Bros. Discovery’s assets.
Strategically, Paramount Skydance seeks to consolidate Warner Bros. Discovery’s film, television, and streaming businesses under one umbrella, aiming to create synergies across content creation, distribution, and advertising. Netflix, by contrast, is focused on acquiring the streaming and studio assets to strengthen its content library while leaving the legacy cable networks to be spun off, thereby avoiding potential antitrust concerns related to a broader media conglomerate.
If the DOJ clears the merger and the March 20 shareholder vote favors Paramount Skydance, the company would gain full control of Warner Bros. Discovery’s studios, networks, and streaming platform, potentially reshaping the competitive landscape of U.S. media. Conversely, if the DOJ rejects the bid or the shareholders approve the Netflix deal, Warner Bros. Discovery would remain independent or transition to a Netflix‑led structure, preserving its existing network operations while integrating its streaming and studio assets into Netflix’s portfolio.
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