Paramount vs. Netflix: Who will take home Warner Bros?

Paramount Skydance has thrown Hollywood into a fresh storm after launching a $108.4-billion hostile bid to acquire Warner Bros Discovery, a dramatic counteroffer to Netflix’s earlier $72-billion deal that many thought had sealed the race. What was once a straightforward victory lap for Netflix has now become an unpredictable battle for one of Hollywood’s most valuable content kingdoms.

Just days ago, Netflix appeared firmly in the lead. The company emerged victorious from a tense bidding war with Paramount and Comcast, securing a massive equity deal to acquire Warner Bros.’ film and TV studios, HBO, and its streaming assets. The offer came with a hefty $5.8-billion breakup fee and was already heading for tough antitrust scrutiny after U.S. President Donald Trump and bipartisan lawmakers raised concerns about job cuts, rising prices, and Netflix’s growing dominance.

But Paramount refused to bow out.

Read more: Netflix courts Warner Bros. for $83 billion in a deal that redraws Hollywood and raises eyebrows

According to Tech Central, the studio returned with a hostile bid that not only exceeded Netflix’s offer but also challenged the legitimacy of the entire sale process. Paramount, backed by CEO David Ellison and the deep pockets of his father, Larry Ellison, insists Warner Bros has shown “inherent bias” and predetermined Netflix as the winner. They argue their proposal creates a more balanced entertainment powerhouse instead of placing even more control in the hands of a streaming giant.

Analysts now say the acquisition is “far from over,” warning that Paramount will appeal to regulators, politicians, and shareholders to stall Netflix’s momentum. The fight could be long, messy, and highly political.

Meanwhile, Netflix co- CEO Ted Sarandos maintains that absorbing Warner Bros, including HBO and DC Studios, would create enormous value and help Netflix secure long-term ownership of premium IP. With pressure building for Netflix to expand into gaming, live entertainment, and consumer experiences, Warner Bros offers a treasure trove of franchises that could drive its next decade of growth.

But Paramount’s bid complicates everything. A potential Paramount-Warner Bros merger raises its own antitrust concerns, especially in the traditional studio space. Both companies are already major players, and their combined footprint could trigger job cuts and reduce competition in the U.S. box office.

What’s clear is this:

The battle for Warner Bros is no longer a simple bidding war—it’s a clash of strategy, influence, politics, and survival in a rapidly consolidating entertainment industry. Netflix may be in “the driver’s seat,” but Paramount has ensured the road to the finish line is anything but smooth.