Paramount Skydance is poised to acquire Warner Bros Discovery in a $111bn takeover, after Netflix withdrew from the high-stakes bidding war.
Warner Bros confirmed Paramount’s revised offer was “superior,” while Netflix declined to raise its bid, citing concerns the deal was no longer financially attractive.
Netflix executives Ted Sarandos and Greg Peters said the transaction was a “nice to have,” not essential at any price, underscoring the company’s disciplined approach.
The proposed merger would give Paramount control of Warner Bros’ film studios, media networks, and streaming assets, potentially reshaping Hollywood’s power structure.
Regulatory scrutiny remains significant. California Attorney General Rob Bonta confirmed an ongoing investigation, warning the merger has not yet cleared legal review.
Approval will also be required from the U.S. Department of Justice and European regulators, adding uncertainty to the timeline and final outcome.
The acquisition would place major brands, including CNN and HBO Max, under Paramount’s umbrella, alongside CBS, Nickelodeon, and Comedy Central.
Backed by Larry Ellison and led by David Ellison, Paramount’s bid has drawn political attention, intensifying debate over media consolidation and the future of CNN’s independence.
