Too Much TV: WBD To Consider Latest Paramount Offer, But Sticks With Netflix For Now

Here’s everything you need to know about the world of television for Tuesday, February 24th, 2026:

WELCOME TO THE BUSINESS STORY THAT NEVER ENDS
Early Tuesday morning, the Warner Bros. Discovery board released a statement confirming it had received a final offer from Paramount Skydance. And while the board will continue to consider the offer, it still recommends the merger with Netflix:

"Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors. We will update our shareholders following the Board's review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer."

So what does that mean, exactly? Well, we don't know the details of the "final best offer" from Paramount Skydance (PSKY), although some reports suggest the company might have raised their offer from around $30 per share for all of WBD to something in the range of $32-$33 a share. And they have also made changes in their bridge financing package in response to questions from the WBD board.

That offer compares to the Netflix offer of $27.75 per share for the WB studios, studio lot, HBO Max, HBO, TCM and some other smaller assets. Netflix has the rights to match or any other offer, so it's unlikely they wouldn't match the numbers offered by PSKY. The real battle is over how that part of WBD that isn't being acquired by Netflix is valued. PSKY argues the rest of the company isn't worth much and points to the small valuation of the Comcast spin-off company Versant. But Warner Bros. Discovery argues that Versant is merely a collection of a few U.S. linear TV channels, while the proposed Warner Bros. Global spinoff includes a much larger collection of U.S. linear networks, the streaming service Discovery+, additional WBD U.S. assets not acquired by Netflix as a well as a substantial collection of international television channels and entertainment divisions.

I've been told by someone at WBD that the board is expected to meet today to formally consider the new PSKY offer. While no one knows the timeline on a final decision, I wouldn't expect to see it drawn out for long. 

I would also suspect we'll receive some more clarity from both Paramount and Warner Bros. Discovery during their quarterly earnings calls. Paramount reports earnings after the bell on Wednesday and Warner Bros. Discovery reports its earnings before the market opens on Thursday.

WBD CEO David Zaslav spoke to employees Tuesday morning and said "Our work continues on separation efforts and integration planning with Netflix, and our priorities as a business remain unchanged. The focus guiding our every decision is pursuing the best outcome for shareholders while protecting the long-term strength of our businesses."

I remain convinced that Netflix will ultimately win the parts of Warner Bros. Discovery it wants, and it's also likely Paramount Skydance will ultimately acquire some or all of what is left.

ODDS AND SODS
* In a heartbreaking new Instagram video, Savannah Guthrie acknowledged that her mother Nancy might "already be gone." But she said the family needs to know where she is and that the family is offering a reward of up to $1 million "for any information that leads to her recovery.....we need her to come home."

* Longtime CBS News personality David Begnaud announced that he would be keeping his day job as a contributor while starting an independent media company called Do Good Crew that will offer a weekly newsletter powered by beehiiv, a podcast and a live events series.

* Hot off their Best New Artist Grammy nomination, Katseye announced that member Manon Bannerman will take a temporary hiatus from the group to focus on her health. While not strictly a K-pop group, Katseye climbed the ranks as K-pop trainees on the 2023 Netflix reality competition series, Dream Academy.

* And in this morning's edition of a press release I'll just pass along without the snarky jokes I want to make: "After two decades of being synonymous with "married-dating," Ashley Madison is officially turning the page. Today, the company announces a fundamental shift in its business model and brand identity, moving the platform away from married dating to embrace its new position as the premier destination for discreet dating. To mark this evolution, Ashley Madison also has revealed its new tagline – Where Desire Meets Discretion."

* Robert Carradine has died at age 71. He took his own life. 

* Russell Brand has pleaded not guilty to two additional charges, one of rape and one of sexual assault, according to reports. 

* HBO Max is rolling out in 12 new Asia Pacific territories. The streaming service will be available March 26th in Bhutan, Fiji, Kiribati, Maldives, Marshall Islands, Micronesia, Nauru, Niue, Samoa, Tonga, Tuvalu and Vanuatu. HBO Max is already available in 112 countries.

BUT NO ONE IS ABLE TO EXPLAIN WHY THE CAKE WAS LEFT OUT IN THE RAIN
Olympic gold medalist Alysa Liu’s medal-winning skate to the 1978 disco cover by Donna Summer of “MacArthur Park” has got the song stuck in a lot of people’s heads and it's likely to reenter the Billboard charts next week. 

Famed music journalist Wayne Robins has an extended interview with Jimmy Webb, the composer of "MacArthur Park," along with a staggering string of other hit songs, including "Up, Up And Away," "By The Time I Get To Phoenix," "The Worst That Could Happen," "Galveston," "Wichita Lineman," "All I Know," "Crying In My Sleep" and many more.

Apparently, Webb had to be talked into watching the performance, because he thinks skating is too nerve-racking to watch. But in the end, he was glad he tuned in:

“And I’m so glad I saw it, because I saw this angel, Alysa Liu, appear on the ice, dancing. Flying, soaring, really, to my old kind of beat-up song. And she filled it with new life, and new enthusiasm. She brought me back to the kind of euphoria I used to feel in the studio when I was working with Richard Harris, and the orchestra would come in on that last chorus. And there was a tremendous feeling of joy, even though the lyric is sadly, you know about failure. Overcoming failure. And it’s a very potent combination. The music is about success, about overcoming failure. And it’s a very potent combination, somehow. Because it appeals to the winner in us, but it sympathizes with the loser in us, which, you know, we all have a bit of both.”

WHAT'S COMING TONIGHT AND TOMORROW

TUESDAY, FEBRUARY 24TH:
* Beachfront Bargain Hunt Renovation Season Premiere (HGTV)
* Fixer To Fabulous Season Seven Finale (HGTV)
* Good Sports Season One Finale (Prime Video)
* NCIS Spring Premiere (CBS)
* NCIS: Origins Spring Premiere (CBS)
* NCIS: Sydney Spring Premiere (CBS)
* Pombo (Prime Video)
* Taylor Tomlinson: Prodigal Daughter (Netflix)

WEDNESDAY, FEBRUARY 25TH:
* Dinosaur Season Two Premiere (Hulu)
* Lost Women Of Alaska (Investigation Discovery)
* Nova: Stone Age Temple Mystery (PBS)
* Paul McCartney: Man On The Run (Prime Video)
* Scrubs Series Premiere (ABC)
* Survivor Season Twenty Five Premiere (CBS)
* The Bluff (Prime Video)
* The Greatest Average American Series Premiere (ABC)

SEE YOU THIS WEDNESDAY!