In a dramatic escalation of the corporate battle for control of one of Hollywood's most storied studios, Skydance-owned Paramount Global has formally extended its hostile takeover bid for Warner Bros. Discovery. The company has pushed the deadline for shareholders to tender their shares to 20 February 2026, maintaining its offer of $77.9 billion, or $30 per share in cash.
A Clash of Corporate Titans
This move intensifies a high-stakes standoff, as Warner Bros. Discovery's board has repeatedly and forcefully rejected Paramount's advances. The media conglomerate has publicly stated its preference for a "superior" all-cash merger agreement with streaming giant Netflix. That rival proposal is valued at approximately $72 billion specifically for Warner's prized studio and streaming business assets, equating to $27.75 per share.
Shareholder Sentiment and Strategic Divergence
Current indications suggest Paramount's aggressive bid has thus far secured tenders for only a small fraction of the shares required for success. In contrast, Warner Bros. Discovery claims that over 93 per cent of its shareholders have spurned what it labels Paramount's "inferior scheme." The fundamental nature of the two competing proposals adds a layer of strategic complexity to the conflict.
Netflix's approach is notably focused, aiming to acquire solely Warner's core entertainment engines: its legendary film and television studio operations and its direct-to-consumer streaming platforms. Paramount's vision is far more expansive, seeking a complete takeover of the entire Warner Bros. Discovery entity. This would include absorbing its significant news and cable television divisions, such as the globally influential CNN network.
A Protracted and Scrutinised Process Ahead
Industry analysts universally anticipate a long and arduous acquisition process, regardless of which suitor ultimately prevails. The sheer scale and market concentration involved in either potential deal are expected to trigger considerable antitrust scrutiny from regulators in multiple jurisdictions. Furthermore, the ownership of major news outlets like CNN may invite additional political considerations and regulatory hurdles, particularly concerning media plurality and influence.
The extension of Paramount's offer deadline sets the stage for a critical few weeks of shareholder deliberation and corporate manoeuvring. The outcome will not only reshape the landscape of the global entertainment industry but also redefine competitive dynamics in the streaming wars and traditional media sectors for years to come.
