Media bidding war over Warner Bros. Discovery

The supposedly spectacular deal between Netflix and Warner Bros. Discovery — recently discussed with bold expectations — is suddenly on shaky ground. U.S. media group Paramount Skydance has launched a hostile takeover bid, igniting an intense bidding battle for the Hollywood company.

At the same time, U.S. President Donald Trump has intervened publicly, warning of potentially critical consequences for competition and the media landscape.

On December 5, 2025, Netflix announced its intention to acquire Warner Bros. Discovery’s streaming and studio assets — including media libraries, film and series rights, brands, and digital platforms. The reported enterprise value stood at approximately $82.7 billion.

However, the transaction is still under review by regulatory authorities — meaning nothing has been finalized.

Paramount Skydance has now gone fully on the offensive: The company submitted an all-cash takeover bid valuing Warner Bros. Discovery at roughly $108.4 billion — clearly topping the Netflix offer.

Paramount argues that its offer is more attractive for shareholders and poses fewer regulatory complications, highlighting faster execution, higher payouts, and clearer structural terms.

President Donald Trump publicly warned during an appearance at the Kennedy Center that Netflix already holds »a very large share of the market«, saying the merger could »become a problem.« In his view, a combination with Warner Bros. could undermine fair competition. He announced he intends to be directly involved in the review process.

Warner Bros. Discovery is currently evaluating both offers and has not yet committed to either bidder.

The potential takeover is one of the most complex media transactions of the decade — involving streaming rights, studio operations, intellectual property, regulatory risk, global market dominance and cross-border antitrust scrutiny.

                                                                                                                                    SK