WBD Deadline Week — Paramount's Final Offer Due February 23

The Option · Feb 23, 2026 · 3m

WBD Deadline Week: Paramount's Final Offer for Warner Bros. Discovery Due February 23, 2026David Ellison faces a defining moment: submit Paramount Skydance's final bid for Warner Bros. Discovery or walk away from the biggest media merger of the decade.In this episode of The Option, we analyze the Netflix vs. Paramount bidding war for WBD, breaking down why Warner Bros. Discovery's board favors Netflix's $27.75 cash offer over Paramount's $30-per-share hostile bid. We examine Paramount's "ticking fee" strategy—$650 million per quarter in shareholder incentives—and explain why the fundamental…