After WBD announced on 5 December 2025 an agreement to be acquired by Netflix, Paramount, through a subsidiary, announced a tender offer to buy all outstanding shares of WBD for $30.00 (Netflix, SEC - Paramount Tender Offer 8 December 2025, CNBC, Investopedia - Tender Offer). While the board of directors of WBD called on its shareholders to reject Paramount's offer in December 2025, WBD announced on 17 February 2026 that it was engaging in "discussions" with Paramount with Netflix's consent after Paramount added new incentives, including a potential raise of the offer per share from $30.00 to $31.00 (CBS News, Paramount - 10 February 2026, Deadline). Whether Paramount extends the deadline for its tender offer (2 March 2026 as of the launch of this question), in and of itself, is immaterial. The question will close early upon Paramount publicly announcing that it is abandoning its offer to purchase WBD. Only an outright increase in the offer of cash per share above $31.00 will count, and other contingent incentives (e.g., "ticking fees") or offers to cover expenses (e.g., pay Warner Bros. termination fee with Netflix) will not count. Whether Paramount succeeds in its bid is immaterial.

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