Paramount announced the completion of the statutory waiting period for the review of its $108.4 billion bid to acquire Warner Bros. Discovery (WBD). The waiting period under the Hart-Scott-Rodino Act expired on February 19, 2026, at 11:59 PM ET, formally removing regulatory barriers for the deal to proceed within the US. This was reported by Reuters, writes UNN.
Details
The expiration of the waiting period means that there are no longer any legal obstacles in the US to the closing of Paramount's proposed acquisition of WBD. We must act now to provide shareholders with the best offer on the market.
Despite successfully passing the antitrust review, Paramount must overcome resistance from Warner Bros. management, which recently set a seven-day deadline for submitting a "best and final offer." Competition with Netflix remains fierce, as the latter is offering $82.7 billion for a portion of the business, while Paramount seeks a full merger.
The situation is further complicated by the fact that WBD already has a signed agreement with Netflix, the termination of which would require a payment of $2.8 billion in compensation, which Paramount has promised to cover if its bid is successful.
International approval and financial commitments
Paramount had previously received approval for the deal from German foreign investment authorities, strengthening its global position. To reassure investors, the company introduced a so-called "waiting fee" of $0.25 per share for each quarter of delay in closing the deal after 2026.
The final decision will depend on the results of the Warner Bros. shareholder vote, scheduled for March, and Paramount's ability to convince the board of directors of the strategic advantage of combining all media assets under one roof.