Paramount Skydance has confirmed that its proposed acquisition of Warner Bros. Discovery (WBD) has successfully cleared the U.S. Department of Justice’s (DOJ) antitrust review. This announcement follows a mandatory 10-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, which expired on February 19, 2026, after Paramount Skydance complied with the DOJ’s information request issued in December 2025. Despite this regulatory clearance, Paramount Skydance has not finalized an agreement to purchase Warner Bros. Discovery.
Currently, Warner Bros. Discovery remains committed to its existing $83 billion deal to sell its studios and HBO Max streaming service to Netflix. The WBD board has rejected multiple acquisition attempts by David Ellison, Paramount Skydance’s chairman and CEO, since his initial approach in September 2025. The company’s shareholder meeting to vote on the Netflix agreement is scheduled for March 20, 2026.
Paramount Skydance’s filing with the Securities and Exchange Commission clarified that while the expiration of the statutory waiting period removes any legal obstacles under U.S. antitrust laws to completing the deal, the transaction still depends on several conditions. These include entering a definitive merger agreement with Warner Bros. Discovery, securing shareholder approval, and obtaining regulatory clearances in other relevant jurisdictions.
In recent developments, Warner Bros. Discovery, with Netflix’s consent, opened a seven-day negotiation window starting February 16, 2026, to engage with Paramount Skydance for potential improvements on its takeover proposal. This window closes on February 23, with Warner Bros. Discovery scheduled to release its fourth-quarter 2025 earnings later that week. Netflix retains four days afterward to submit a counteroffer if Paramount proposes a higher bid than Netflix’s current offer of $30 per share.
Industry insiders report a shift in sentiment among Warner Bros. Discovery employees, many of whom favor the Netflix sale over Paramount’s takeover attempt. Despite ongoing negotiations, WBD has reaffirmed its commitment to the Netflix agreement and advised shareholders to vote in its favor at the upcoming meeting.
This acquisition effort comes amid heightened scrutiny of media industry mergers and acquisitions, with Senate Democrats recently seeking additional information from David Ellison regarding his dealings with former President Donald Trump in connection with the Warner Bros. Discovery takeover bid. Ellison has been accused in these inquiries of a pattern of evasive behavior.
As the process continues, the outcome of the shareholder vote and potential counteroffers from Netflix remain pivotal to determining the future ownership of Warner Bros. Discovery.
