Paramount on Thursday extended the deadline for its hostile bid for Warner Bros Discovery, giving itself until February 20 to persuade investors that its offer outshines a competing deal from Netflix.
The move buys the studio extra time to rally shareholder support amid a high-stakes battle for one of Hollywood's most iconic entertainment companies.
As of the original January 21 deadline, only about 168.5 million Warner Bros shares—roughly 6.8% of the company's stock—had been tendered, showing that investor enthusiasm for Paramount's offer had been limited, CNBC reported.
A successful takeover would give Paramount control of major franchises, from "Friends" to "Batman," and the HBO Max streaming service, reshaping the Hollywood landscape.
Netflix has recently revised its $82.7 billion offer to an all-cash deal, now valuing Warner Bros at $27.75 per share.
The move aims to provide investors with more certainty and speed up the transaction.
Warner Bros' board unanimously approved the Netflix proposal, while Paramount has yet to raise its offer of $108.4 billion, or $30 per share, for the entire company.
Analysts have suggested that Paramount must increase its bid to reinitiate meaningful negotiations.
$PSKY extends deadline on hostile $WBD bid to February 20.
— David | 444 Capital 🎲 (@StockBuster_) January 22, 2026
Paramount needs to stop playing and increase the bid to at least $32 to get Warner Bros to entertain the offer and get them talking. $WBD is playing the silent game and waiting for a higher bid.
Increase the offer and… pic.twitter.com/1f7P3PEKwq
Read more: Paramount Sues Warner Bros. Discovery For Rejecting Merger Deal, Staying Firm on Netflix Deal
Paramount Claims Clearer Regulatory Path
Paramount has also pursued legal avenues, suing Warner Bros to bring the company to the negotiating table. Despite the tension, Paramount argues its offer is superior and has a clearer path to regulatory approval.
"Paramount continues to make an offer its board has rejected repeatedly," Warner Bros said, stressing confidence in the Netflix deal's value and approval prospects.
The showdown is expected to be decided by a shareholder vote likely scheduled for April.
Paramount plans to urge investors to reject Netflix's proposal, claiming that the deal undervalues Warner Bros' cable assets and relies on offloading $17 billion in debt to Discovery Global, which could lower shareholder returns if the debt transfer fails.
According to Reuters, Warner Bros' advisors have valued Discovery Global differently depending on methodology, with a low estimate of $1.33 per share and a high of $6.86 per share.
Paramount maintains that its bid is better structured and could move forward more quickly with regulatory approval.
The Ellison family, owners of Paramount, has argued that their political connections give them an advantage in obtaining necessary approvals.
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