A detailed chronological timeline of the ongoing acquisition battle for Warner Bros. Discovery (WBD), covering events from June 2025 through February 2026. Netflix and Paramount Skydance (PSKY) engaged in a prolonged bidding war, with Netflix initially winning a $82.7 billion deal before PSKY launched a hostile $108.4 billion counterbid. After months of rejected offers, lawsuits, and amended proposals, Netflix ultimately withdrew after PSKY raised its all-cash offer to $31 per share. The piece also covers the implications for WBD's games division, which includes Rocksteady, Avalanche, Netherrealm, and TT Games, and notes that Netflix had not attributed significant value to the gaming arm during negotiations.
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