Paramount Skydance Executives Confirm DOJ Waiting Period Over in Warner Bros Acquisition Bid

Paramount Skydance recently announced a significant development in its quest to acquire Warner Bros. Discovery. According to an SEC filing issued on Friday, the 10-day waiting period mandated under the Hart-Scott-Rodino Antitrust Improvements Act expired on February 19, 2026. This milestone came after Paramount Skydance complied with a “Second Request” for information from the U.S. Department of Justice that was issued on December 23, 2025.

While this represents progress for Paramount Skydance in the regulatory approval process, it does not equate to formal approval of the transaction by the Department of Justice. Paramount maintains that this clears the way for the completion of the proposed acquisition of Warner Bros. Discovery. However, critics, such as Netflix, have raised concerns about interpreting this development as a definitive approval. David Hyman, Netflix’s chief legal officer, emphasized that Paramount Skydance has not finalized the necessary approvals to close the deal and is still a significant distance away from doing so.

The unique circumstances surrounding Paramount’s bid for Warner Bros. Discovery are evident in the rejection of the definitive merger agreement by Warner Bros. Discovery in favor of an $83 billion deal with Netflix. Paramount Skydance outlined several unresolved conditions in its SEC filing, including the need for a definitive merger agreement with Warner Bros. Discovery, shareholder approval, and regulatory clearance in jurisdictions beyond the United States.

This announcement from Paramount comes at a time of heightened political scrutiny, with eight Democratic senators expressing concerns about possible political interference in the acquisition process. The senators, led by Sen. Corey Booker, sent a letter to Paramount Skydance requesting detailed information on communications with the Trump administration and instructing the preservation of all related records. This move reflects the growing apprehension in Washington regarding the intersection of media consolidation and political influence.

On the corporate front, Paramount Skydance is in a negotiation window with Warner Bros. Discovery, facilitated with Netflix’s consent, to present its “best and final offer.” Paramount’s current bid reportedly exceeds $30 per share, but it remains unclear whether this figure will be increased. Warner Bros. Discovery will have the opportunity to respond within four days should Paramount raise its offer. The negotiation window is set to close on February 23, marking another chapter in this evolving corporate saga.