Paramount to Outbid Netflix’s US$72B Offer for WarnerBros

• Netflix plans to acquire Warner Bros Discovery’s studios and streaming assets for US$72 billion.

• Paramount submitted a US$108 billion bid for the full company, and both proposals are under legal and regulatory review.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

December 12, 2025 at 16:30 GMT+7

Netflix is set to acquire Warner Bros Discovery’s studios and streaming division in a deal valued at US$72 billion, giving Netflix full control over one of Hollywood's prominent and highly valued assets. 

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The acquisition encompasses Warner Bros film and television studios, its lineup of major franchises, and the company’s premium HBO and HBO Max services, broadening the scope of assets changing hands. 

The announcement of the deal came as a notable surprise across the entire industry, triggering immediate disruption across the industry and heightened regulatory focus on market competition. The agreement follows a lengthy bidding war, through which Netflix outbid the presumed front-runner, Paramount Skydance, which made a series of bids to acquire all of Warner Bros Discovery.

Netflix has agreed to acquire Warner Bros. | Source: Time

Paramount responded to Netflix’s deal with a significantly larger, full-company offer, launching a US$108 billion hostile bid to acquire Warner Bros Discovery. In contrast to Netflix’s asset-focused deal, Paramount’s offer covers the entire business, including its studios, streaming operations, and cable networks. 

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The proposal is backed by significant financing commitments from the Ellison family, RedBird Capital, major Middle Eastern sovereign wealth funds, and Affinity Partners. Paramount positions its bid at US$30 a share, providing greater and more immediate value to Warner Bros shareholders. 

The company is also taking advantage of Netflix’s extended regulatory timeline, arguing that its own transaction has fewer antitrust barriers and offers a clearer path to closing. Bringing the proposal directly to shareholders reflects Paramount’s effort to re-establish itself in a competitive bidding environment where earlier proposals received limited consideration from Warner Bros’s board.

Paramount logo | Source: Reuters

Netflix is confronting a consumer class-action lawsuit that challenges its planned US$72 billion acquisition of Warner Bros. Discovery’s studios and streaming assets, which would incorporate HBO Max and major franchises like Harry Potter and Game of Thrones into the world’s largest streaming platform. 

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A consumer class action lawsuit filed in a US federal court argues the merger could reduce competition in the US streaming market, lead to higher prices, and limit consumer choice if Netflix absorbs a key rival. 

As federal regulators and lawmakers intensify scrutiny, the situation is further heightened by competing takeover bids, including a hostile US$108 billion offer from Paramount Skydance, deepening concerns over consolidation in the media industry.

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Sources:

Financial Times

Reuters