Netflix challenges Paramount in billion-dollar battle with all-cash Warner Bros. takeover

Netflix has revised its bid for Warner Bros. Discovery’s studio and streaming assets to an all-cash $72 billion offer, part of an effort to secure shareholder approval and block a hostile takeover from Paramount.

The streaming giant announced Tuesday that while the offer price remains $27.75 per share—consistent with a cash-and-stock deal reached in December—it has moved to an all-cash structure. The change is intended to simplify the transaction and fast-track a shareholder vote, which could occur in April.

The move comes as Paramount, owned by Skydance, continues its pursuit of Warner Bros. Discovery with a $77.9 billion offer. Paramount has taken its bid directly to shareholders and is currently engaged in a proxy fight and a lawsuit aimed at forcing Warner to disclose its bid-valuation process.

Warner leadership has repeatedly endorsed the Netflix merger, labeling Paramount’s competing actions as a “frivolous attempt to distract.”

Industry analysts expect any final agreement to face intense antitrust scrutiny from regulators. Netflix and Warner said they expect to finalize their merger within 12 to 18 months.

The battle for control of Warner Bros. Discovery is more than a landmark M&A transaction; it marks a brutal pivot in the "streaming wars" toward total consolidation. The era of high-burn subscriber acquisition has ended, replaced by a ruthless mandate for scale and massive content libraries as the only path to profitability and survival.

Netflix’s strategic shift from a stock-based proposal to an all-cash offer is a decisive move. By removing market volatility from the equation, Netflix is providing Warner shareholders with a level of certainty that places immediate pressure on Paramount. The move signals a high-stakes play to lock down blue-chip intellectual property, specifically the DC Universe, Harry Potter, and Warner’s extensive legacy film archives.

In contrast, Paramount’s bid for the entire enterprise—including news assets like CNN—underscores an ambition to construct a diversified media empire spanning both entertainment and global news. However, their hostile approach risks complicating an already fraught negotiation process, potentially alienating the target’s board.

The primary headwind for any potential deal remains antitrust regulation. As the industry contracts into the hands of a few dominant players, federal regulators are expected to scrutinize the impact on content diversity, labor markets, and consumer pricing. Furthermore, the political landscape adds a layer of significant unpredictability; under a Trump administration, the precedent for personal intervention in major corporate mergers remains a volatile wildcard that both parties must navigate.

For Vietnamese-American families, the outcome of these industry battles will directly shape our daily entertainment habits. Which conglomerate owns brands like HBO, DC Comics, or our favorite hit shows determines exactly which services we’ll have to pay for—whether it’s Netflix, Paramount+, or another platform—and ultimately dictates how much we’ll be shelling out for entertainment every month.