Netflix vs Paramount Battle for Warner Bros: Who Will Win the Takeover?

Published: 18 February 2026. The English Chronicle Desk. The English Chronicle Online

The bidding war for Warner Bros Discovery (WBD) — one of the most prized assets in global entertainment — has become one of the most closely watched takeover battles in Hollywood, with Netflix and Paramount Skydance locked in a high‑stakes contest that could reshape the industry’s future. At the heart of the fight is who will control Warner Bros’ vast content empire, including its storied film studios, HBO Max streaming service, and legendary libraries such as Harry Potter and Batman. The outcome remains uncertain, but current developments paint a picture of a dramatic contest between two very different corporate strategies.

Netflix has been widely seen as the frontrunner in the battle after its board‑approved all‑cash offer worth about $82.7 billion to acquire Warner Bros’ studio and streaming business — a deal that excludes the legacy cable networks and Discovery Global assets, which are expected to be spun off into a separate publicly traded company. This proposal, agreed in principle by Warner Bros’ board, comes with the backing of key shareholders and is framed as a clear and executable transaction with fewer regulatory questions compared with rival proposals.

Paramount, under the leadership of the Ellison family through Paramount Skydance Corp., quickly responded with a hostile takeover bid valued at roughly $108.4 billion, offering about $30 per share — significantly higher than Netflix’s $27.75 per share — and covering the entire Warner Bros Discovery business, including cable networks. Paramount’s bid is all‑cash and was pitched directly to shareholders, bypassing the board’s backing for Netflix’s deal. Paramount argues its offer represents greater immediate value and stronger potential regulatory clearance for shareholders.

Warner Bros’ board has repeatedly rejected Paramount’s offers to date, advising shareholders to support the Netflix transaction on the grounds that it offers a more reliable and certain path to closing and carries lower execution risk. Paramount has faced skepticism from the board due to the debt‑heavy structure of its bid and questions about financing commitments, but Paramount has continued to sweeten its proposal and add incentives, such as offering to cover the breakup fee owed to Netflix if its bid succeeds and adding quarterly “ticking fees” to compensate shareholders for delays.

Recent developments show Warner Bros Discovery is reopening limited talks with Paramount under a seven‑day waiver from Netflix — giving Paramount until 23 February to present a “best and final” offer that could exceed its current bid. Warner Bros has said it remains committed to the Netflix deal while giving Paramount a short window to compete, and Netflix retains the contractual right to match any superior proposal. A shareholder vote on the Netflix transaction is scheduled for 20 March 2026, and regulatory approval will also be needed before any deal closes.

Analysts say Netflix’s position is strong because it enjoys board support, a simpler and fully financed offer, and fewer regulatory hurdles than Paramount’s bid, which carries more complexity due to its approach and higher debt assumptions. Paramount’s higher headline value may appeal to some shareholders, but Warner Bros’ board has emphasised the certainty and execution readiness of Netflix’s proposal as key advantages.

That said, the battle is far from over. With Paramount given a chance to improve its offer and activists such as Ancora Holdings openly backing Paramount’s bid, the takeover could see more negotiation, revised pricing, or even a late‑stage competitive twist. Regulatory scrutiny is also intensifying globally — particularly from antitrust authorities concerned about further consolidation in media — a factor that could influence the ultimate winner.

At this stage, Netflix remains the likely favourite, but Paramount’s persistence and willingness to increase its offer means the outcome is not fully decided. The March shareholder vote and potential regulatory challenges will be crucial in determining who ultimately wins one of the biggest media battles of the decade.

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