Warner Bros Discovery has rejected Paramount Skydance's latest $30-a-share hostile takeover bid but is giving the Hollywood studio seven days to come up with a better offer, Warner Bros said in a statement Tuesday.

Paramount informally broached an even higher share price of $31 a share, Warner Bros said, apparently enticing the board to the table.

The rival bidder now has until February 23 to submit its "best and final offer," which Netflix is allowed to match under the terms of the merger agreement, Warner Bros said.

The move marks the latest chapter in the race for Warner Bros' iconic film and TV studio and its vast library of movies and television shows.

Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale:

In 1922, Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader.

The first issue of Time magazine was published in March 1923.

In 1923, Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films.

In 1969, the Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses.

1972 — HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television.

In1990, Time Inc. merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world.

In 1996, Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast film library of classic films.

2000 — Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to marry traditional and digital media.

2002 —AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL.

In 2003, CEO Steve Case resigns from AOL Time Warner.

In 2004, Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion.

2009 —Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.

2009 — Time Warner spins off AOL. 2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing.

In 2016, AT&T announces acquisition of Time Warner for $85 billion.

AT&T completes its acquisition of Time Warner in 2018 after regulator approval, renaming it WarnerMedia.

2021 —AT&T announces it will spin off WarnerMedia and merge it with Discovery Inc. to create a new standalone media company.

2022 — WarnerMedia and Discovery complete their merger in a $43 billion deal.

On June 9, 2025, Warner Bros Discovery announces it will separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets.

On October 21, 2025, Warner Bros Discovery's board rejects a Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors.

November 2025 — Warner Bros Discovery's board wants 2025 Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion, Axios reports on November 18.

On November 21, Warner Bros 2025 Discovery receives preliminary buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.

On December 1, Warner Bros 2025 Discovery receives a second round of bids, including a mostly cash offer from Netflix.

On December 4, Paramount Skydance accuses Warner Bros 2025 Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company.

Later in December, Netflix is in exclusive talks 2025 to buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share, a source says on December 5.

Also on December 5, Netflix 2025 agrees to buy Warner Bros Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share.

Paramount Skydance makes a hostile bid for 2025 Warner Bros Discovery on December 9 in a deal valued at $108.4 billion or $30 per share.

On December 17, Warner Bros 2025 Discovery's board rejects Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances.

Paramount Skydance amends its offer to buy 2025 Warner Bros Discovery on December 23 to include a $40.4 billion personal guarantee from Larry Ellison.

On January 7, 2026, Warner Bros Discovery rejects Paramount Skydance's amended hostile bid despite Larry Ellison's guarantee. January 2026.

On January 12, Paramount Skydance files lawsuit to force Warner Bros Discovery to disclose details of its deal with Netflix and plans to nominate directors to Warner Bros Discovery's board.

On January 20, Netflix amends its bid to an all-cash offer for Warner Bros Discovery's studio and streaming units and secures unanimous approval from the Warner Bros board without increasing the $82.7 billion purchase price.

On January 22, Paramount Skydance extends its hostile tender offer for Warner Bros Discovery to February 20, seeking more time to win investors

 On February 3, U.S. senators grill 2026 Netflix co-CEO Ted Sarandos at a hearing over how the company's acquisition of Warner Bros Discovery would affect competition in the entertainment industry.

On February 5, U.S. President Donald Trump 2026 says he will stay out of the bidding war for Warner Bros Discovery, a reversal from his comments late last year.

On February 10, Paramount Skydance 2026 revises its $30-per-share all-cash offer for Warner Bros, adding a 25-cent-per-share fee for every quarter the transaction does not close beyond December 31, 2026. Paramount also said it would fund the $2.8 billion termination fee Warner Bros owes Netflix if the deal falls through.

On February 17, Warner Bros 2026 rejects Paramount's revised bid and gives the Hollywood Studio seven days to see if it can come up with a better deal to buy the owner of HBO Max and the "Harry Potter" franchise.