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Bond Market News
WBD Weighs Paramount’s Revised Offer Amid Takeover Battle
February 16, 2026
Warner Bros. Discovery (WBD) is considering reopening negotiations with rival studio Paramount Skydance after receiving an improved unsolicited takeover proposal, according to sources. WBD already has a binding agreement to sell key assets to Netflix for $27.75/share ($82.7bn agreement). The board has not made a decision but is discussing whether Paramount’s revised terms could represent a superior deal or force Netflix to increase its bid, potentially triggering a new bidding war. In the amended offer, Paramount agreed to cover the $2.8bn breakup fee that WBD would owe Netflix if it exits their agreement, backstop a WBD debt refinancing, and compensate shareholders if the transaction fails to close by end-2026. Paramount is also pursuing shareholders directly with a $30/share tender offer and lobbying regulators for approval. Shareholder pressure is mounting on WBD to engage with Paramount, although the company is currently pushing to hold a shareholder vote on its Netflix deal. If the board reopens talks and deems Paramount’s proposal superior, Netflix would have the right to match or raise its offer.
Paramount’s bonds traded stable with its 5.9% 2040s at 86.1, yielding 7.47%. WBD’s 4.279% 2032s also traded stable at 90, yielding 6.28%.
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