The media world is already witnessing one of the biggest takeover battles in recent years as WBD, the owner of iconic franchises, HBO, CNN and numerous cable networks, is up for grabs and two major players (Netflix and Paramount) are vying to control it. Netflix has publicly struck a deal with WBD to acquire its studios and streaming assets; yet Paramount Skydance, led by the Ellison family, is already refusing to back down. Paramount believes its all-cash bid of $30 per WBD share, covering the entire company (studios, streaming and cable networks), represents superior value. Now reports suggest that Paramount may attempt a "hostile takeover", bypassing WBD’s board and appealing directly to shareholders if necessary. I think, this fight isn’t just about money, but about who will control some of Hollywood’s most powerful media and entertainment assets.
Reason for this move:-
Unlike Netflix, which is only buying the studios and streaming arm of WBD, Paramount is aiming to acquire everything under WBD such as - studios, streaming and cable networks like CNN, TNT, TBS, etc. this means Paramount is making this aggressive move for a full-company ambition and this allows Paramount to potentially restructure or spin off parts while retaining long-term control over valuable content and distribution channels. Another reason for this move is 'Financial conviction', which means that by offering $30 per share in cash, Paramount signals confidence in WBD’s assets and future cash flows, and shows a willingness to commit serious capital. An all-cash offer is often appealing to shareholders seeking certainty.
Some analysts argue that Paramount might actually have a clearer or more politically favorable regulatory path than a Big Tech bidder acquiring huge streaming/studio power. The Ellison family reportedly has connections that might ease scrutiny. Paramount has publicly challenged the fairness of the sale, calling the bidding process as "tainted" and also alleging that WBD’s board has favored Netflix from the start. By pushing for full control over all WBD assets like - studios, cable networks, and streaming, Paramount may position itself to reshape how media content, news, and entertainment are bundled and delivered, means they potentially increasing its influence across both entertainment and news media.
Netflix currently seems ahead:-
WBD’s board recently accepted Netflix’s bid and began exclusive negotiations too. Many analysts call Netflix’s deal as the "cleanest and most plausible", because it avoids many regulatory headaches and only targets the assets that make sense for a streaming-first business.
Paramount still could win:-
There is possibility that Paramount might win this bidding, because Paramount's full-company offer might ultimately give shareholders greater total value, especially after WBD spins off its cable networks into a separate company. Paramount has argued that the Netflix’s bid undervalues that spinoff value.
I think at this point, the odds seem to favor Netflix, because the WBD board has accepted its offer, and the deal seems the cleanest path forward. They said, Paramount’s aggressive move changes the calculus. By raising its bid, pushing for full control, and even threatening a hostile takeover, Paramount Skydance is making clear that it isn’t walking away quietly. What do you guys think of Paramount's move and its plan? Would Netflix still win or not? Let us know your thoughts in the comments.