Paramount's Warner Bros. Takeover: Antitrust Cleared, Deal Stalls

Paramount Skydance's potential acquisition of Warner Bros. Discovery has received antitrust clearance from the U.S. Justice Department. The statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on February 19, 2026, at 11:59 p.m. Eastern, removing a key U.S. impediment to the transaction. Despite this clearance, Paramount has yet to secure a definitive agreement with Warner Bros. Discovery. The company noted that completion of the deal hinges on other conditions, including a merger agreement, shareholder approval, and regulatory consent in additional jurisdictions.

Warner Bros. Discovery currently has a substantial $83 billion agreement in place with Netflix to sell its studios and HBO Max. Shareholders are scheduled to vote on this Netflix pact at a special meeting on March 20. David Ellison, Paramount Skydance's chairman and CEO, had previously approached Warner Bros. Discovery's board multiple times since last September. Although his overtures were repeatedly rejected, Warner Bros. Discovery, with Netflix's approval, recently opened a limited seven-day negotiation window for Paramount. This allows Paramount to present its "best and final offer," potentially above $30 per share, with talks concluding on Monday, February 23. Netflix retains a four-day window to make a counteroffer if Paramount raises its bid.