Warner Bros. Discovery said in a press release that it will temporarily reopen talks with Paramount Skydance after Netflix granted a seven-day waiver, allowing WBD to address "deficiencies that remain unresolved and clarify certain terms of PSKY's proposed merger agreement."

"Netflix has provided WBD a limited waiver under the terms of WBD's merger agreement with Netflix, permitting WBD to engage in discussions with Paramount Skydance ("PSKY") (NASDAQ: PSKY) for a seven-day period ending on February 23, 2026, to seek clarity for WBD stockholders and provide PSKY the ability to make its best and final offer," WBD said in the release.

It continued, "During this period, WBD will engage with PSKY to discuss the deficiencies that remain unresolved and clarify certain terms of PSKY's proposed merger agreement."

Paramount has been pressing a hostile, shareholder-directed tender offer for WBD, including its cable channels CNN and TNT, at $30 per share (all cash) after losing out to Netflix in a previous bidding war. The months-long takeover battle is over some of the entertainment industry's most important intellectual property, including HBO, Superman, and Harry Potter.

WBD said a senior Paramount representative informed its board that Paramount would pay $31 per share if talks were to reopen.

After the limited waiver period, WBD said, "Netflix retains its matching rights as defined by the merger agreement."

"Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," WBD President and CEO David Zaslav said in the release.

Zaslav noted, "Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with PSKY 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."

WBD said its board "continues to unanimously recommend in favor of the Netflix merger" and has set March 20 for a shareholder vote on that deal, reached in December.

Paramount shares jumped nearly 6% in early trading, while WBD gained about 3%, and Netflix rose slightly.