Warner Bros. Discovery Eyes Paramount-Skydance Deal to Take on Netflix

A new battle for Hollywood’s future is unfolding and it could reshape the streaming wars.

Warner Bros. Discovery has determined that a revised takeover proposal from Paramount-Skydance is a “superior” offer to the company’s existing deal with Netflix, escalating a high-stakes contest over who controls one of the world’s largest entertainment libraries. 

The updated proposal values Warner Bros. Discovery at about $31 per share and includes additional financial protections such as regulatory termination fees and payments to cover the cost of exiting the Netflix agreement. 
If the company proceeds with Paramount-Skydance, Netflix had a limited window to respond with a better bid — but ultimately chose not to increase its offer. 

The decision signals something larger than a typical acquisition fight. It reflects a deeper shift in the streaming economy: scale is now survival.

For years, Netflix dominated streaming through size subscribers, data and global distribution. Competitors responded by launching their own services, fragmenting the market into dozens of platforms. But profitability has proven harder than growth. Media companies now see consolidation as the only realistic path to compete with the biggest platforms.

Paramount’s proposal differs from Netflix’s in one important way: instead of only acquiring the studio and streaming business, it aims to combine entire companies including networks and content libraries into a broader media group. 
The goal is to create a rival large enough to compete not just with Netflix, but with the broader tech-driven entertainment ecosystem.

The stakes are enormous. Warner Bros. Discovery controls franchises including DC, HBO and major film and television properties, while Paramount-Skydance brings Paramount Pictures, CBS, Nickelodeon and a large broadcast portfolio. A combined company would hold a vast range of sports rights, films and television brands under one roof. 

The outcome could change how audiences watch content. A Netflix acquisition would reinforce the streaming-first model prioritizing global on-demand distribution. A Paramount-Skydance combination would preserve a more traditional hybrid: theatres, broadcast networks and streaming operating together.

Industry observers increasingly see the debate as philosophical as much as financial. One future concentrates power in a single dominant global platform. The other creates a consolidated competitor designed to keep the market competitive.

Warner Bros. Discovery’s move toward the Paramount-Skydance offer therefore isn’t just about price. It signals that the next phase of streaming may not be about launching new apps but about deciding which giants survive the consolidation era.