Streaming Giants Clash as Paramount Counters Netflix with Higher Warner Bros Offer

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Hostile Takeover Bid Aims to Stop Netflix’s Warner Bros. Deal Amid DC Theme Park Shake-Up

Hollywood just added another wild twist to an already blockbuster-sized saga, and the plot thickens faster than you can say “extended universe.” Paramount Skydance has officially launched a hostile takeover bid for all of Warner Bros. Discovery, aiming to derail Netflix’s recently announced deal to buy the studio and streaming assets. Instead of watching Netflix’s move from the balcony, Paramount charged straight onto the stage with a $74.4 billion all-cash offer, a staggering $18 billion more than Netflix’s bid.

Related: Universal in talks with Warner Bros to License DC Universe for Theme Parks

Netflix WB

Netflix’s original agreement targeted only the Warner Bros. studio and HBO Max operations, but Paramount wants the entire enchanted castle, encompassing Warner Bros. Motion Picture Group and DC Studios, as well as cable heavyweights like CNN, TNT Sports, and Discovery. In its pitch to shareholders, Paramount emphasized that its $30-per-share all-cash proposal is clearer, richer, and far less volatile than Netflix’s mix of cash and stock.

This dramatic bidding war comes at a moment when Warner Bros. is already making headlines for an entirely different reason: its theme park rights to the DC Universe. Recent reporting suggests the company has been shopping those rights to outside operators, and rumors are flying that Universal, already home to some of the biggest franchises in Orlando, is very interested in bringing Batman, Superman, and the Justice League into the Universal Orlando Resort family. If that unfolds, it could mean Gotham, Metropolis, or even Themyscira joining the neighborhood near Epic Universe. With Warner potentially shifting ownership and IP strategies, every move in this corporate chess match could ripple through theme parks as well as streaming libraries.

Related: Epic Universe Ultimate Planning Guide

Streaming Giants Clash as Paramount Counters Netflix with Higher Warner Bros Offer

Warner had previously announced plans to split into two entities by late 2026: one housing streaming and studios like HBO, HBO Max, DC Studios, and Warner Bros. Television, and another called Discovery Global that would include cable networks like CNN, Discovery+, TNT Sports, and Bleacher Report. Netflix’s deal had already raised eyebrows because it would consolidate massive franchises like Game of Thrones, The Sopranos, The Wizard of Oz, and the full DC catalog under one streamer. Now Paramount has entered the arena, and suddenly the battle for Warner Bros. is a three-act epic.

Washington is watching, too. President Donald Trump has already said the Netflix arrangement “could be a problem,” and the Senate is preparing for an antitrust hearing. With Paramount upping the stakes and DC’s theme park future hanging in the balance, this story is shaping up to be one of the most consequential Hollywood showdowns in decades. And like any good franchise cliffhanger, the next chapter is guaranteed to bring even more twists.

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