Mon Jan 26 06:20:00 UTC 2026: ### Netflix vs. Paramount: Battle for Warner Bros. Discovery Heats Up as European Regulators Hold Key

The Story:
The battle for Warner Bros. Discovery (WBD) has intensified as Netflix and Paramount Global vie for control. Netflix has offered $27.75 per share for WBD’s movie studio and streaming business, while Paramount is attempting a hostile takeover with a $30 per share bid for the entire company. The deal’s fate may hinge on European regulatory approval, adding a layer of complexity to the merger talks. Despite WBD’s board repeatedly rejecting the Paramount bid, they have extended their tender offer to WBD shareholders, giving them more time to weigh the option. The CNBC article suggests a deal with Netflix carries a “95% certainty” that Europe would approve the transaction, but with potential conditions.

Key Points:

  • Netflix has offered $27.75 per share for WBD’s movie studio and streaming business, excluding cable networks and sports rights.
  • Paramount has made a hostile takeover bid of $30 per share for the entirety of WBD.
  • The WBD board has repeatedly rejected Paramount’s offer, favoring the Netflix merger.
  • European regulatory approval is a key factor for both deals, with potential antitrust concerns and cultural considerations related to movie theaters.
  • Netflix’s offer has been simplified to an all-cash deal, potentially expediting the shareholder vote.
  • WBD believes Discovery Global (the spun-out entity in the Netflix deal) is worth $1.33 to $6.86 per share, while Paramount argues it’s worth $0.
  • Donald Trump’s potential influence on the Department of Justice’s antitrust review is also a factor.
  • Sarandos says that Warner Bros films will be released in theaters with a 45-day window.

Critical Analysis:
The provided historical context hints at a strategic element in Paramount’s advertising push in live sports (Sun Jan 25 20:30:00 UTC 2026). This could be a move to highlight the value of sports assets that would be part of Paramount’s acquisition of WBD, contrasting with Netflix’s proposed deal that excludes those assets. Furthermore, the headline (Mon Jan 26 06:20:00 UTC 2026) with Netflix Co-CEO Greg Peters dismissing Paramount’s bid as not passing “the sniff test” suggests that Netflix is attempting to undermine the viability of the Paramount merger.

Key Takeaways:

  • The acquisition of WBD is a high-stakes battle between streaming giant Netflix and media conglomerate Paramount.
  • European regulatory scrutiny is a critical hurdle for both deals.
  • The value of sports rights is a point of contention between the two bidders.
  • Both Netflix and Paramount are actively lobbying and strategizing to influence the outcome.
  • The final decision will significantly reshape the media landscape.

Impact Analysis:

The outcome of this acquisition battle will have a profound impact on the media and entertainment industry. If Netflix succeeds, it will gain a major movie studio and expand its global streaming footprint. If Paramount prevails, it will consolidate its position as a major player in both streaming and traditional media. The future of sports broadcasting rights, the structure of the streaming market, and the role of European regulators in shaping global media consolidation are all at stake.

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