Timeline
February 19, 2026 — February 27, 2026
Tech
Timeline: How Paramount Won the $111 Billion Battle for Warner Bros. Discovery
In one of the biggest media bidding wars in a generation, Paramount Skydance and Netflix competed for control of Warner Bros. Discovery and its iconic entertainment properties including HBO, CNN, and the Warner Bros. studio. This timeline tracks the dramatic eight-day period in late February 2026 when the deal reached its climax, culminating in Netflix's withdrawal and Paramount's victory.
10 events · 7 days · 23 source articles
Thu, Feb 19, 2026
Minor
Market Uncertainty as Major Deals Loom
Walmart issues cautious outlook citing trade and labor concerns, while reports surface that OpenAI is finalizing a record deal potentially topping $100 billion. The market shows signs of caution amid these major corporate developments and broader economic uncertainty.
Fri, Feb 20, 2026
Major
Paramount's Bid Clears U.S. Antitrust Hurdle
Paramount's $108 billion bid for Warner Bros. Discovery clears a major U.S. antitrust hurdle with support from the Trump administration. The Justice Department's waiting period under the Hart-Scott-Rodino Act expires, though this doesn't guarantee final regulatory approval. This development adds a new twist to the blockbuster battle with Netflix for control of the storied Hollywood studio.
Mon, Feb 23, 2026
Minor
Trade Tensions Rattle Markets
Global stock markets face uncertainty as President Trump moves forward with sweeping new global tariffs following a Supreme Court decision. The trade tensions add to broader market volatility as the media bidding war continues in the background.
Thu, Feb 26, 2026
Major
Paramount Raises Bid to $31 Per Share
Warner Bros. Discovery announces that Paramount Skydance has submitted a new offer of $31 per share, which could lead to a better deal than its existing agreement with Netflix at $27.75 per share. The company indicates the latest Paramount terms meet the threshold for further talks, though it doesn't immediately withdraw its recommendation for the Netflix deal.
Thu, Feb 26, 2026
Major
Warner Bros. Board Declares Paramount Bid 'Superior'
Following consultation with independent financial and legal advisors, the Warner Bros. Discovery board officially declares Paramount's $111 billion offer a 'superior proposal' compared to Netflix's $83 billion bid for just the studio, HBO, and streaming assets. Netflix is given four business days to sweeten its proposal or lose the deal.
Thu, Feb 26, 2026
Major
Netflix Drops Out of Bidding War
Netflix co-CEOs Ted Sarandos and Greg Peters announce the streaming giant will not match Paramount's offer, stating the deal is 'no longer financially attractive' at the required price. Netflix emphasizes it has 'always been disciplined' and that Warner Bros. 'was always a nice to have at the right price, not a must have at any price.' This decision clears the way for Paramount Skydance to win the battle.
Fri, Feb 27, 2026
Major
Paramount Positioned to Take Control
Paramount Skydance, run by tech heir David Ellison and backed by his father Larry Ellison (Oracle's executive chair and White House ally), is poised to take control of Warner Bros. Discovery. The deal will put a constellation of media properties—from CNN to Nickelodeon to HBO—under the control of the Ellison family. Per the original agreement terms, Warner Bros. will pay Netflix a $2.8 billion termination fee, which Paramount's offer includes covering.
Fri, Feb 27, 2026
Moderate
Advisory Firms Celebrate Paramount Victory
Paramount's winning $111 billion bid is recognized as a coup for the half-dozen advisory firms that helped David Ellison top Netflix. Centerview and Redbird are among the key advisors credited with helping Paramount secure the historic deal.
Fri, Feb 27, 2026
Moderate
Netflix Investors Cheer Decision to Walk Away
Financial markets react positively to Netflix's decision to drop out of the bidding war, with investors supporting the company's disciplined approach. The market response suggests investors believe Netflix made the right call by not overpaying for Warner Bros. Discovery assets.
Fri, Feb 27, 2026
Major
Deal Set to Reshape Hollywood and Media Landscape
Media analysts and news outlets worldwide confirm that Paramount's acquisition of Warner Bros. Discovery will significantly reshape the Hollywood and U.S. media landscape. The takeover consolidates major entertainment properties and marks the end of one of the biggest media bidding wars in a generation, fundamentally altering the competitive dynamics of the streaming and traditional media industries.
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