One week to prove they’re serious or watch Netflix take over the entire empire
Warner Bros. Discovery isn’t playing around anymore. The company rejected Paramount’s latest $30-a-share offer but left the door slightly open—just barely. The company gave Paramount until February 23 to make what was explicitly called a “best and final offer.” That’s seven days to either walk away or get serious about competing for one of Hollywood’s most valuable properties.
What makes this moment genuinely interesting is that Paramount apparently signaled willingness to go even higher than $30 per share, potentially reaching $31. That signal alone was enough to get Warner Bros. back to the negotiating table, but barely. The company’s CEO made it crystal clear that Paramount knows exactly what Warner Bros. needs and hasn’t delivered it yet. The terms are still unfavorable. The conditions are still problematic. Nothing has actually changed except the deadline.
Netflix already has a deal locked: $82.7 billion to acquire Warner Bros. Discovery’s streaming service, studio and HBO cable channel. Shareholders are voting to approve it March 20. That deal is moving forward unless Paramount somehow changes the entire calculation in the next seven days.
The regulatory question nobody’s talking about
Netflix went on offense this week, attacking Paramount’s claims about regulatory approval being simpler or faster. Netflix essentially told shareholders that Paramount is misrepresenting how easy it would be to get government approval for their bid. That’s a significant accusation because regulatory uncertainty is one of the biggest wildcards in this entire situation.
Since announcing its Netflix deal, Warner Bros. stock has been volatile, with Netflix shares tumbling nearly 25 percent. That decline directly reflects investor anxiety about whether either deal will actually close. Every day of delay costs shareholders real money.
President Trump, whose administration approved Paramount’s Skydance acquisition last year, initially suggested he’d be involved in approving a Warner Bros. deal. Then he publicly changed course, saying he decided not to get involved. But he also hinted that one company involved might be “too big” to allow the deal to proceed. He didn’t specify which company, leaving everyone guessing about potential antitrust obstacles.
What happens in the next seven days
Warner Bros. CEO David Zaslav’s statement made the company’s position unmistakably clear. He said Warner Bros. has provided Paramount with “clear direction on the deficiencies in their offers.” Translation: Paramount knows exactly what’s wrong and hasn’t fixed it. The letter to Paramount’s board was equally direct, noting that while Paramount indicated willingness to address problematic terms and conditions, they haven’t actually removed them from the proposed agreement.
This is ultimatum language disguised as corporate speak. Either Paramount fixes the issues by February 23 or Warner Bros. is moving forward with Netflix. There’s no ambiguity about that message.
Paramount hasn’t publicly responded yet. That silence is telling. The company either needs time to figure out if they can actually meet Warner Bros.’ demands, or they’re quietly accepting that they might lose this battle. If they truly had an easy path forward, they’d probably be making statements about their confidence in their bid.
The bigger picture nobody’s discussing
This entire situation matters because it signals how the entertainment industry is consolidating around streaming dominance. Traditional broadcasters and studios are facing existential challenges from Netflix, Apple and Amazon. Whoever wins Warner Bros. Discovery doesn’t just get content and brands like CNN and HBO. They get a fundamental shift in market power and distribution control.
The bidding war might look dramatic, but the real story is about which company gets to shape how entertainment is consumed for the next decade. That’s worth fighting for, and it’s worth the regulatory headaches. Both Netflix and Paramount understand they’re not just buying assets. They’re buying future influence in an industry that’s being completely remade.
