The high-stakes battle for the future of Warner Bros. Discovery (WBD) reached a fever pitch on Monday, February 23, 2026. Paramount, the parent company of CBS Sports, has submitted a “best and final” offer of approximately $32 per share in a last-ditch effort to snatch the media giant away from a rival deal with Netflix.
The Two Paths for TNT Sports
The outcome of this bidding war will fundamentally reshape the sports broadcasting landscape, specifically the fate of TNT Sports.
- The Paramount Scenario: If Paramount wins, the entire WBD portfolio would be acquired. TNT Sports would be integrated directly with CBS Sports, creating a massive sports media powerhouse capable of rivaling Disney/ESPN.
- The Netflix Scenario: WBD’s current recommendation is an $83 billion all-cash deal with Netflix for its studio and streaming assets. Under this plan, TNT Sports would be spun off into an independent entity called Discovery Global, separating it from its current sister networks.
Timeline: The “Best and Final” Window
WBD, with the consent of Netflix, granted Paramount a one-week window to improve its standing.
| Event | Date / Deadline | Status |
| Paramount Final Bid | Feb 23, 2026 (11:59 PM ET) | Submitted ($32/share) |
| Netflix Response Window | 4 Days after WBD Pivot | Pending |
| WBD Board Review | Immediate | Ongoing |
Political and Industry Friction
The deal has transcended the boardroom, attracting attention from high-ranking political figures. U.S. President Donald Trump recently criticized the Netflix bid, specifically targeting board member Susan Rice. Meanwhile, Netflix remains vocal about its confidence, dismissing Paramount’s recent maneuvers as “antics” that distract stockholders from the “superior value” of the Netflix cash offer.