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Warner Bros. Discovery extending talks with Paramount over possible merger

Warner Brothers Discovery is holding new talks with Paramount over a possible merger as it looks to offload its linear television assets in the coming months.

Netflix has already reached a deal to acquire Warner Brothers Discovery’s movie and television studio, a transaction valued at more than $70 billion, while Paramount has mounted a hostile bid to acquire WBD in its entirety.

A new seven-day discussion period, Warner Brothers Discovery said in a statement, will “to “seek clarity for WBD stockholders” on Paramount’s bid and allow the company to provide an opportunity to “make its best and final offer.”

Netflix, in a statement of its own, said the new seven-day discussion period with Paramount “does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders.”

“Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters,” the streaming giant said.

The restarted talks come as the Netflix, Warner Brother Discovery deal faces increasing scrutiny from lawmakers on Capitol Hill over anti-trust concerns and content production.

President Trump has not voiced any major opposition to the deal, but has raised concerns about Netflix’s growing market share.

Trump is also seen as an ally of David Ellison, the head of Paramount after Skydance’s purchase of the venerable company, and the son of billionaire Trump ally Larry Ellison.

Bari Weiss was named editor in chief of CBS news after the Skydance deal in a move that signaled a rightward shift.

Larry Ellison is reportedly lobbying the president to support the company’s hostile bid for Warner Brothers Discovery.

Trump, who has said he would “be involved” in the deal, has spoken openly about his wish to see CNN, the cable news channel owned by Warner Brothers Discovery, operate under new ownership.

The new talks between Paramount and Warner Brothers Discovery are slated to end on Feb. 23.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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