Paramount Skydance CEO David Ellison extended his all-cash hostile takeover offer for Warner Bros. Discovery to February 20, 2026. The $108.4 billion bid, which expired January 21, aims to outflank a competing $82.7 billion deal with Netflix. Paramount is actively pursuing a lawsuit and has positioned its offer as more likely to win regulatory approval.

Netflix's proposed acquisition targets specific assets like HBO, Warner Bros. film studios, and theme parks, while excluding the company's news and reality TV divisions. Paramount argues its full-company offer avoids entrenching Netflix's market power. However, Warner Bros. Discovery contends Paramount's funding remains inadequate and questions the deal's feasibility, creating a complex financial and legal standoff.

Ellison's aggressive strategy follows his successful merger of Skydance with Paramount, which required significant political maneuvering. That deal secured FCC approval by making specific promises about CBS News. The current battle for Warner Bros. Discovery is proving far more contentious, with competing bids, lawsuits, and regulatory scrutiny complicating the path to consolidation.