Netflix’s $82.7B Warner Bros. Discovery deal faces new threat from Paramount’s hostile offer
The challenge intensifies an acquisition battle that could reshape control of Hollywood’s most influential film, TV, and streaming assets.
Hollywood’s biggest players are competing for one of the most influential portfolios in entertainment, and the contest has entered a new phase. After losing out to Netflix in the bid for Warner Bros. Discovery’s studio and streaming assets, Paramount Skydance has returned with a hostile $30-per-share offer to acquire all of WBD. The move challenges Netflix’s existing $82.7 billion agreement and signals that Paramount isn’t prepared to step aside.
Paramount argues that its proposal is “strategically and financially superior,” claiming the Netflix structure offers “inferior and uncertain value” and could expose WBD shareholders to lengthy regulatory delays. Netflix’s agreement to acquire WBD’s film studio and streaming platforms is still subject to scrutiny by U.S. and overseas regulators, adding complexity to both bids.
WBD’s portfolio includes Warner Bros. studios, HBO, HBO Max, and cable networks such as CNN, TNT, and TruTV. Paramount’s holdings include Paramount Pictures, CBS, Paramount+, Pluto TV, and networks like Comedy Central and MTV. Analysts note that whichever company succeeds would reshape the balance of power across film, television, and streaming.
Ogbonda Chivumnovu
Paramount has also signalled its intention to appeal directly to WBD shareholders, policymakers, and regulators to support its offer. The approach suggests that the dispute could involve extensive negotiations, legal challenges, and competing regulatory arguments before any outcome is reached.
To understand the scale of the competition, it’s important to look at what Netflix is already attempting to acquire. Under its agreement, Netflix would gain control of Warner Bros. studios, HBO, and the HBO Max streaming platform. That includes some of Hollywood’s most valuable franchises, like Harry Potter, Batman, Game of Thrones, and The White Lotus.
It would also place HBO, long considered the benchmark for prestige television, inside Netflix’s portfolio. Netflix, which once said it wanted to “become HBO before HBO becomes us,” would effectively achieve that goal if regulators approve the deal.
Emmanuel Umahi
What happens to HBO Max remains unclear. Netflix could fold it into its main platform or operate it separately with a new identity. Meanwhile, WBD’s linear cable networks, including CNN and TNT, would spin off into an independent company in 2026 as part of the deal structure.
The potential shift has unsettled creators, executives, and talent agencies across Hollywood. Many are watching to see how Netflix will treat theatrical releases, content budgets, and franchise management. Netflix has said it intends to keep releasing Warner Bros. films in theaters, but has not clarified how long those windows would last.
Plus, the regulatory picture remains the biggest variable. Netflix expects the deal to close next year, but antitrust concerns are significant. Early reporting suggests the Trump administration may view Paramount’s bid more favorably, adding another layer of political complexity to the process.
Emmanuel Umahi
What happens next?
For now, Netflix still holds the lead with an approved agreement, but Paramount’s hostile bid introduces an entirely new path for WBD shareholders to consider. Both companies will need to persuade regulators and the public that their version of the deal benefits the industry and avoids anti-competitive risk.
With two competing bids, heavy regulatory scrutiny, and political signals shifting, this acquisition battle is far from over. The company that ultimately wins WBD won’t just gain a valuable portfolio, but also influence over the next era of Hollywood.
For now, Netflix may still be ahead, but with Paramount’s new hostile offer and regulators warming up, this story is far from reaching its finale.
