Netflix Buys Warner Bros. Discovery and Paramount’s Hostile Bid!

2025 was a solid year for Warner Bros. Discovery movies, as many movies did well at the box office and were praised by critics. Because of that and its large library of movies and shows, it was no surprise that Paramount Skydance was pursuing a merger with the company. Paramount’s CEO, David Ellison, made a few bids for WB in September and October that were rejected by David Zaslav. Zaslav had already planned to split Warner Bros. Discovery into two separate companies, with Discovery Global being the second company focused on the TV channels like CNN, and later in October, announced WB would be reviewing offers. Soon, Comcast, which owns Universal Studios, and Netflix joined Paramount in pursuing a bid for WB. Each company submitted its first bids on November 20. On December 2nd, the three companies submitted their second bids. A couple of days later, Paramount sent a letter accusing Warner of being unfair in the bidding process and seeming to favor Netflix. Later that day, it was announced that Netflix won the bidding war by buying Warner Bros. for $72 billion. The deal would be expected to be finalized during the third quarter of 2026, after Warner Bros. Discovery was officially split.

Reactions to this deal are mixed. Many people fear this means the end of physical media for Warner Bros. movies and shows, as well as the end or decline of theaters. Netflix usually has short theater windows, and this would affect Warner’s box office if the shortened theater schedule is implemented for their movies. Warner Bros. owns various IPs like DC, Harry Potter, The Lord of the Rings, Minecraft, and other franchises that have been huge box office successes in the past. 2025 was a big year for Warner as original movies like F1, Sinners, and Weapons did well at the box office. Superman was the first DC movie since The Dark Knight back in 2008 to beat Marvel at the box office.

Netflix CEO Ted Sarandos earlier this year claimed theaters were outdated, which upset many fans. Fans are worried about experiencing highly anticipated movies like The Batman Part II on streaming instead of in theaters. Sarandos said he will honor Warner Bros. movies being released in theaters, but how long will they stay? Will it be from 30-to-45 days or only a couple of weeks? According to CNBC, Warner’s theatrical schedule up to 2029 was already negotiated, but post-2029 is where long-term concerns will kick in. Theaters are worried about this as well. They already dealt with a rough few years of decline due to COVID-19. Attendance isn’t where it was before 2020 and theaters are still dealing with the drop in attendance.

The actors and directors' unions are concerned about this. The Writers Guild is already calling on this merger to be blocked, accusing it of breaking antitrust laws. The Directors Guild of America, led by Christopher Nolan, while expressing concerns, wants to meet with Netflix to address those concerns. The Hollywood Teamsters also call on this merger to be blocked. SAG-AFTRA has serious questions about this merger, but have yet to take an official position, waiting for Netflix to answer the questions they have. In Congress, members from both political parties aren’t thrilled either. Democratic Senator Elizabeth Warren from Massachusetts called this deal an anti-monopoly nightmare, and Republican Senator Mike Lee, who heads the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, pledged to hold antitrust hearings on this.

This deal isn’t official, though. On December 8, Paramount announced a hostile takeover bid with an all cash offer at $30 per share. Where Netflix and Comcast are only interested in Warner Bros., Paramount wants both Warner and Global Discovery. It later came out that David Zaslav seemed to ghost David Ellison for the last few weeks. Warner announced they would carefully examine Paramount’s offer. For many, Paramount would be more ideal as they are committed to theater releases. At the same time, Paramount’s CEO, David Ellison, and his connection to President Trump raise concerns. David’s dad, Larry Ellison, is a good friend of President Trump. Reports came in that David Ellison promised Trump to make big changes to CNN. When Trump said he wanted Rush Hour 4, Paramount right away announced it was happening. Ellison also relying on financing from a few Middle Eastern countries raises concerns despite assuring they were secure. Affinity Partners, a key investor in Paramount’s hostile bid, is the private equity fund of President Trump’s son-in-law, Jared Kushner. President Trump recently praised Ted Sarandos while also warning that Netflix has a tough road with antitrust concerns, and their bid could be a huge problem. Trump, early on, indicated support for Paramount, but has recently backed off.

If Paramount were to succeed, it would have a library big enough to compete with other companies. Paramount already owns Nickelodeon, Mission: Impossible, Transformers, Sonic the Hedgehog, South Park, Teenage Mutant Ninja Turtles, and other IPs. Paramount wants big box-office wins as it has struggled the last few years. The last movie they had that made over $1 billion worldwide was Top Gun: Maverick. This could also raise antitrust concerns, and some lawmakers have signaled their concerns over Paramount merging with WB, as well as President Trump’s connection to Paramount.

WB’s slate of movies for the next couple of years shouldn’t be affected whether Netflix or Paramount merges with them. James Gunn’s DCU looks to continue on, and it was announced that he and Peter Safran’s contracts have been extended into spring 2027. Harry Potter’s HBO Max series is still scheduled to premiere in 2027. Like the Disney-Fox merger back in the late 2010s, the effects of a merger won’t be felt right away and could take a few years to kick in.

Regardless, fans aren’t thrilled with Netflix or Paramount likely merging with WB. Many fans are concerned about theatrical releases under Netflix. Many fans are concerned with creative changes under Paramount. Some fans feel as if they have to root for the lesser evil in this scenario. How do you feel about the WB/Netflix merger? Do you hope Paramount is successful in its hostile bid? Do you wish for WB to be left alone or merge with some other company? Let us know in the comments below.