Hollywood is giving us its own Christmas blockbuster, Netflix vs. Paramount, and no, it’s not dropping on any streaming platform. Netflix and Paramount are locked in a billion-dollar tug-of-war for Warner Bros. Discovery, home of HBO, Harry Potter, DC, Succession, CNN, and a century-deep catalogue that basically shaped TV culture.
The stake here is nearly $100 billion and the future of streaming. It appears that one side is playing friendly, while the other is going full-on hostile takeover. But, who’s ahead?
How Hollywood Ended Up in a $100B Streaming Tug-of-War
For months, Paramount Skydance, backed by the billionaire Ellison family and a Middle Eastern investment fund, tried to woo Warner Bros. with a friendly merger pitch. Nothing landed. Then Netflix swooped in. 
Warner Bros shocked the industry by agreeing to sell its most valuable assets (the studio and HBO/HBO Max) to Netflix for $82.7 billion. This agreement leaves the rest of the company to be spun off. Paramount instantly fired back with a full-company offer worth $108.4 billion. All cash!
Netflix is offering $27.75 per share (cash + equity). Paramount is offering $30 per share in an all-cash deal. Warner Bros’ board now has until December 19 to respond.
READ ALSO: Netflix Just Bought Warner Bros — What the $82.7B Deal Means for Movie Lovers Across Africa
Netflix vs. Paramount: Why Both Giants Want Warner Bros
This is bigger than bragging rights.
- Netflix wants HBO’s “prestige TV” and a century of films to cement its dominance and prevent competitors from acquiring gold-mine IPs like Friends, Looney Tunes, DC, and Harry Potter.
- Paramount wants scale. HBO Max’s 120 million subscribers + Paramount’s 79 million would instantly make it a global streaming heavyweight.
For both companies, this is a once-in-a-generation chance to reshape streaming.
Netflix vs. Paramount: Who’s Winning Right Now?
This depends on the angle from which you look at it.
- Netflix has the deal on paper, and its CEOs are publicly confident, insisting the combination is good for consumers and jobs.
- Paramount has the bigger offer. It’s pitching “certainty,” saying Netflix’s mix of equity and complex regulatory hurdles puts Warner Bros shareholders at risk.
That “certainty” is suddenly becoming the plot twist. Paramount went directly to investors with a $30-per-share all-cash tender offer for all of Warner Bros. Discovery. This is far clearer than Netflix’s mixed cash-plus-stock structure. Morningstar analyst Matthew Dolgin says this alone could tip shareholders toward Paramount, giving it a “50/50 chance” of taking the whole company.
Early reactions back this up with billionaire investor Mario Gabelli already saying it’s “highly likely” his clients will tender their shares. Warner shareholders have until January 8, 2026, to decide, but early signals show Paramount’s cash-first strategy may be shifting momentum in its favour.
However, politics might sneak into the boardroom. Paramount’s bid is backed partly by Jared Kushner and Middle Eastern sovereign wealth funds. Analysts believe this detail could influence regulators or raise ethical red flags.
What This Means For Viewers
No one knows for sure yet.
If Netflix absorbs HBO Max, expect:
- higher subscription prices,
- richet movie catalogue,
- fewer competitors.
If Paramount wins, we could see:
- a mega-streamer combining HBO Max and Paramount+,
- a reshuffle of pay-TV and sports networks,
- major cost-cutting across legacy TV.
Who’s Likely to Win?
Right now, Paramount has the superior financial offer, but Netflix has momentum and the preliminary agreement. This one will come down to regulators, politics, and how Warner Bros’ board defines the industry’s future.
Either way, Hollywood is about to experience significant and lasting change.
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