Take 2! Now Paramount gatecrashes Netflix bid for Warner Bros

By the Editorial Team · Tuesday, June 30, 2026

Paramount has submitted a rival £81 billion bid to acquire Warner Bros Discovery, surpassing Netflix’s £62 billion offer and including cable assets like CNN alongside streaming services. This competitive bidding could trigger intense regulatory scrutiny and reshape the entertainment landscape by consolidating traditional studios and streaming platforms under different visions.

Paramount has launched a rival bid to acquire Warner Bros Discovery, directly challenging Netflix's recent offer in a move that could reshape the future of the entertainment industry. Paramount's hostile bid values Warner Bros Discovery at approximately £81 billion, surpassing Netflix’s initial £62 billion proposal and significantly increasing the stakes in the ongoing takeover battle.

Netflix first announced its intention to purchase Warner Bros Discovery’s film studios last week, aiming to integrate prominent content such as Warner Bros’ film library along with HBO’s popular series. Warner Bros, a century-old entertainment giant, boasts an iconic catalog including classics like *Citizen Kane*, *Casablanca*, and superhero franchises such as *Batman* and *Superman*. Its HBO division is known for acclaimed shows like *The Sopranos* and *The White Lotus*.

Paramount, founded in 1912 and owner of notable films including *Breakfast at Tiffany’s* and *Raiders of the Lost Ark*, is positioning its offer as more comprehensive. Unlike Netflix, Paramount proposes acquiring Warner Bros Discovery’s cable assets as well, which include CNN and the Discovery Channel. The bid is backed by Affinity Partners, an investment firm led by Jared Kushner, son-in-law of former U.S. President Donald Trump, as well as sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi. Larry Ellison, co-founder of Oracle and the second-richest person globally, supports the deal through his family’s holding company alongside private equity firm RedBird Capital. David Ellison, Paramount’s CEO, asserted that their offer better serves consumers and the movie theatre industry.

Analysts suggest that Paramount’s greater eagerness for the deal may explain its higher valuation. However, any potential merger is expected to undergo a protracted review process given the complexities involved. The competing bids highlight two distinct visions for the future of entertainment. Paramount aims to merge its assets with Warner Bros to form a more formidable traditional studio and streaming presence by combining HBO Max with Paramount+, positioning themselves as a stronger competitor in the streaming market.

Conversely, Netflix’s acquisition would further consolidate its position as the dominant streaming platform, though it has raised antitrust concerns about potential market concentration and the impact on theatrical releases and traditional television. The deal could accelerate the ongoing shift toward streaming-led consumption but may reduce diversity in content distribution channels.

Regulatory scrutiny is anticipated, with political figures such as former President Trump expressing reservations about the Netflix offer. Paramount is likely to use its bid to encourage regulatory intervention, leveraging concerns about media consolidation. Meanwhile, the competing offers could prompt Warner Bros Discovery’s board to seek improved terms or initiate an auction process.

This high-profile contest sets the stage for a pivotal moment in Hollywood’s evolution, with implications for how audiences worldwide will access and experience entertainment in the coming years.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.