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Feb 17, 2026
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WATCH
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Warner Bros. Discovery (WBD) has reopened negotiations with Paramount (PARA). Netflix (NFLX) granted a 7-day waiver for these talks. A banker signaled PARA would accept a minimum of $31/share. This signals a bidding war. PARA is the clear target with a floor price established. WBD risks over-leveraging to win the deal (negative for WBD equity/credit). NFLX is in the mix but has a disciplined balance sheet; if they walk, they might collect a breakup fee, but if they bid, they face regulatory scrutiny. Long PARA (Target), Avoid WBD (Acquirer Risk/Leverage concerns). Regulatory antitrust blocks (DOJ/FTC) could kill any deal; WBD might walk away if price gets too high. |
Bloomberg Markets
Open Interest 2/17/2026...
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