Antitrust Deadline Expires: Paramount Skydance Accelerates $108 Billion Warner Bros. Discovery Bid

By Jim Thomas
Saturday, February 21, 2026 at 1:54 PM EST

Paramount Skydance announced on Friday that the federal antitrust waiting period tied to its $108 billion bid for Warner Bros. Discovery has concluded, clearing a key procedural hurdle in its high-stakes race to displace Netflix as the dominant media force in Hollywood.

In a regulatory filing, Paramount stated it had complied with the Justice Department’s second-request review process under the Hart-Scott-Rodino Act, allowing the statutory waiting period to lapse.

The company clarified that this expiration does not constitute formal approval and does not prevent the government from later suing to block the transaction. The Federal Trade Commission’s merger review guidelines indicate agencies can continue evaluating competitive effects beyond the HSR process, while Justice Department antitrust official Bill Rinner has warned that some advisers wrongly treat the expiration as clearance.

Paramount’s bid is bankrolled by Oracle billionaire Larry Ellison, a donor to President Donald Trump, and industry observers have interpreted the development as a sign the administration is not moving to slow the Paramount process. Paramount still needs to persuade Warner Bros. Discovery’s board and shareholders to back its proposal, with a seven-day window ending February 23 to make a “best and final offer” or walk away.

Netflix, meanwhile, is facing an early-stage Justice Department review of its $83 billion deal to buy Warner Bros. Discovery, a process that could culminate in a lawsuit to block the transaction. Netflix Chief Legal Officer David Hyman criticized Paramount Skydance on Friday, stating: “Routine HSR milestones do not signal DOJ approval nor that any decision has been made.”

Paramount also reported ongoing engagement with antitrust regulators abroad, where scrutiny is expected to be more intensive, including in the United Kingdom and the European Union.

The bidding battle has also moved onto political terrain. Business Insider reported Netflix co-CEO Ted Sarandos said on Puck’s “The Town” podcast that his talks with U.S. President Donald Trump have focused on keeping jobs in America, noting that Trump expressed concern about California film and television production decline.

Additionally, Paramount Skydance’s proposed deal has drawn scrutiny from Senate Democrats. A group of Democratic senators led by Cory Booker, D-N.J., and Elizabeth Warren, D-Mass., urged Paramount CEO David Ellison to preserve records tied to the transaction, writing that the deal raised significant competition concerns the Senate had not had an opportunity to examine.