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Netflix and Paramount are fiercely competing to acquire HBO and Warner Bros., the legendary studio responsible for iconic franchises like Batman, Harry Potter, Scooby-Doo, and classic films such as “Casablanca” and “The Matrix.”
Netflix received an award from Warner Bros. Discovery, which then led to Paramount making a $108 billion offer to buy all of Warner’s properties, including CNN, TBS, HGTV, and TLC. The media company, backed by Larry Ellison and led by his son David, is now asking Warner shareholders to sell their stock to Paramount.
Warner Bros.’ sale has become the industry’s game of thrones.
Netflix is trying to acquire a significant part of Warner Bros. Discovery, including HBO, HBO Max, and the film and TV studios, in an $82.7 billion deal. This includes the company’s 110-acre Burbank lot. However, Warner’s traditional cable channels will be separated and become a new, independent company called Discovery Global.
These two potential agreements could dramatically reshape the entertainment industry and likely face scrutiny from regulators. If completed, Netflix would have over 400 million subscribers globally, solidifying its position as a leading streaming service. Meanwhile, the acquisition of Paramount would bring together two major movie studios, as well as the news organizations CNN and CBS News, all under the ownership of the Ellison family.
Here’s a look at how we got here:
Hollywood Inc.
Netflix’s deal to acquire Warner Bros. is a game-changer for Hollywood and the competition between streaming services. It also brings up concerns about fair competition and combines popular franchises like DC and ‘Stranger Things’ under the Netflix banner.
Dec. 22: Larry Ellison steps up
The billionaire founder of a major tech company has pledged $40.4 billion of his own money to help finance Paramount’s attempt to buy Warner Bros. Discovery. This move comes after Warner Bros. Discovery’s board criticized Paramount’s initial offer of $30 per share, raising concerns about the deal’s financing and potential risks. Paramount is asking Warner Bros. Discovery shareholders to accept the offer by January 21st.
Dec. 17: Warner board blasts Paramount’s bid
Warner Bros. Discovery has officially turned down Paramount’s offer to buy it, claiming the Ellison family didn’t commit enough financial backing to the deal. Warner Bros. Discovery is advising its shareholders not to sell their stock to Paramount, as they believe the agreement with Netflix is a better option with more reliable funding.
Dec. 16: Kushner pulls out
Jared Kushner, son-in-law to former President Trump and a partner at the private equity firm Affinity Partners, has stepped away from Paramount’s efforts to acquire the company. Affinity Partners had previously pledged $200 million towards the deal.
Dec. 15: Netflix seeks to soothe concerns
Netflix leaders sent a message to employees to ease worries about the potential merger. In a note, Co-CEOs Ted Sarandos and Greg Peters explained they view the deal as positive for the entertainment world, not a sign of its decline. They emphasized that the merger is intended to foster growth, as Warner Bros. Discovery brings strengths and resources that Netflix currently lacks, meaning no parts of either company will be eliminated.
Dec. 10: The White House sounds off
Donald Trump strongly criticized CNN and its leadership, claiming they have failed and caused the network to decline. He suggested CNN should be sold off completely.
On that same day, David Ellison, CEO of Paramount, sent a letter to Warner Bros. Discovery shareholders proposing a deal of $30 per share in cash. In the letter, Ellison stated that Paramount, along with its investment partner RedBird Capital, believes they are best positioned to increase the long-term value of the company, entertain audiences, and foster a stronger creative environment.
Dec. 8: Paramount gets aggressive
Honestly, the Warner Bros. sale is getting messy! Paramount isn’t backing down, and they’re really frustrated. David Ellison, the guy behind Paramount, is saying that Warner Bros.’s CEO, David Zaslav, always seemed to prefer a deal with Netflix, and completely brushed off their offer back on December 4th. He told CNBC they didn’t even get a response – just radio silence. It sounds like they feel totally ignored, and they’re clearly not happy about it.
Dec. 5: Netflix and Warner Bros. Discovery announce deal
Netflix and Warner Bros. Discovery have announced a $72 billion agreement where Netflix will significantly boost its film and TV production, including gaining control of HBO, a leading force in quality television.
So, Netflix just made a huge move, and honestly, I think it’s a smart one. Ted Sarandos, speaking to investors, explained that bringing Warner Bros. into the mix will ultimately make Netflix even stronger in the long run. The total cost? A whopping $82.7 billion – and that includes taking on some of Warner’s existing debt. It’s a big gamble, but one that could really pay off for subscribers down the line.
Dec. 4: Ted’s ultimatum
Three bidders — Netflix, Paramount and Comcast — meet Warner’s deadline to sweeten their bids.
Netflix adds 75 cents a share to its offer, making it $27.75.
Worried about losing a likely deal, Paramount increased its offer to $30 per share, up from $26.50. They removed Chinese firm Tencent from the investment group, but retained three Middle Eastern sovereign wealth funds who are contributing $24 billion. The Larry Ellison Trust will add $11.8 billion in equity, bringing the total value of the deal to $108.4 billion.
At 1 p.m., David Ellison sent a text message to Zaslav stating that Paramount’s newest offer resolved all previously discussed concerns. He expressed deep respect for Zaslav and the company, adding that he would be thrilled to partner with them and acquire these valuable properties.
Zaslav and the Warner Bros. Discovery board were struggling with a firm demand from Netflix’s Ted Sarandos. He’d told Zaslav in a phone call that Netflix needed a deal finalized that same night, or they would pull out of negotiations completely.
The boards of both Warner and Netflix have given their approval for Netflix to acquire Warner Bros. and HBO in a deal worth $72 billion. Warner shareholders will receive $27.75 per share as part of the agreement.
Dec. 3: Paramount calls a foul
David Zaslav informed David Ellison that Paramount’s offer wasn’t the strongest, and its financial terms would likely be difficult for Warner Bros. Discovery’s board to approve. Zaslav stated that the bid needs guaranteed financial support from both the Ellison family and RedBird Capital Partners.
Paramount leaders are worried that Warner Bros. Discovery’s CEO, David Zaslav, has always preferred Netflix’s offer. In a letter, Paramount’s legal team claims Warner has been unfairly focused on a single bidder from the start, leading to a pre-decided result.
Warner denies the claims, stating that Paramount’s letter was based on inaccurate and unsupported information.
Dec. 1: Deadline pressure
Netflix, Comcast, and Paramount are all competing for something and must submit their second proposals soon. These detailed offers will also include information about how they plan to finance their bids.
Comcast wants to merge its NBCUniversal media business with Warner Bros. and HBO. Netflix has also increased its bid for these studios and HBO. Meanwhile, Paramount has raised its offer to $26.50 per share, and for the first time, revealed that investors from the Middle East would be part of the financial group backing its bid.
Paramount has gathered a group of seven investors to support a bid, including major contributions from the Lawrence J. Ellison Revocable Trust ($11.8 billion), Saudi Arabia’s Public Investment Fund ($10 billion), and investment groups from Abu Dhabi ($7 billion), Qatar ($7 billion), and China ($1 billion, from Tencent). Redbird Capital Partners, which already has a stake in Paramount Skydance, will add $300 million, and Kushner’s firm, Affinity Partners, will contribute $200 million. According to a filing, the Ellison family has not pledged any additional funds to guarantee the deal.
Hollywood Inc.
Once a pariah, Saudi Arabia is now Hollywood’s hot cash source
Saudi Arabia is increasingly making its mark on Hollywood, and its recent involvement in major film deals is the most ambitious step yet in the kingdom’s growing presence in the U.S. entertainment world.
Nov. 29: Who’s on your team?
I’ve been following this deal closely, and it sounds like things got a little tense during the financial review. Warner’s lawyers met with Paramount’s team, and a key issue arose: Paramount wasn’t explicitly guaranteeing the Ellisons would cover the equity, despite earlier assurances. Warner understandably wanted to know exactly who else was involved in Paramount’s bid, and their legal team expressed worries about the group of investors, specifically pointing out potential risks with those based outside the U.S. It seems they were being very careful about where the money was coming from.
Nov. 24: Pushing for a deal
Larry and David Ellison had dinner with David Zaslav, proposing a merger between Paramount and Warner. They again offered Zaslav the position of co-CEO and co-chairman if the deal went through.
Hollywood Inc.
The entertainment industry in Hollywood has struggled recently due to the pandemic and the writers’ and actors’ strikes. A possible merger between two large companies could lead to further layoffs, according to industry analysts.
Nov. 20: Industry titans offer billions
The three bidders submit first-round offers for Warner Bros. Discovery.
Paramount has offered $25.50 per share to acquire the company, with 85% of the payment made in cash. Larry Ellison and RedBird Capital Partners have committed to fully fund the $34.5 billion equity portion of the deal. Paramount has also agreed to pay Warner $5 billion if the deal falls through. While the Ellison family and RedBird are the primary funders, Paramount notes that other well-funded investors may also participate.
Netflix offers $27 a share; its bid was 81% cash, and the remainder in Netflix stock. .
Nov. 18: Reports of Middle Eastern money
According to Variety, three wealthy investment funds based in the Middle East were planning to financially support Paramount’s potential purchase of Warner Bros. Discovery. However, Paramount quickly denied the report, calling it false. A representative advising Paramount also contacted Warner’s financial advisor, reaffirming that Paramount would only pursue a full acquisition of the company – if they made an offer at all. It was later discovered that these funds, backed by three royal families in the Middle East, totaled $24 billion.
Nov. 17: An ear for Ellison
Zaslav meets again with David Ellison to discuss Paramount’s pursuit.
Nov. 16: Sarandos sit-down
Zaslav meets in-person with Sarandos to learn more about Netflix’s interest.
Nov. 13: Paramount brings a crowd
Warner Bros. executives presented their plans to potential buyers in Century City, with 74 representatives from Paramount Global in attendance. According to a document filed by Paramount, Warner Bros. Discovery CEO David Zaslav stated he intends to split Warner Bros. into two separate companies instead of selling it.
During a recent interview on CNBC, John Malone, former chairman of Warner Bros. Discovery, expressed frustration that Paramount interfered with Warner’s strategy to split the company. He also indicated that Netflix appears to be a more likely buyer.
Hollywood Inc.
Oct. 23: Mystery firm surfaces
The head of a media company, referred to as “Company C” in legal documents, contacted Warner’s CFO, Gunnar Wiedenfels, to explore a possible purchase of Warner’s cable networks, such as CNN and the Food Network.
Oct. 21: ‘For Sale’ sign goes up
Following three unexpected offers from Paramount, Warner Bros.’s board decided to begin a formal auction process, allowing interested buyers to bid for either the whole company or specific parts of it.
Oct. 16: Ted’s on the line. Brian Roberts calls too
Netflix’s Ted Sarandos reached out to David Zaslav to let him know Netflix wanted to buy HBO, its streaming service HBO Max, and Warner Bros. studios. Brian Roberts, the CEO of Comcast, also called to express his company’s interest in combining assets with Warner Bros. Discovery.
Oct. 13: Another try
So, I heard Paramount made a third offer to buy Warner Bros. – this time for $23.50 a share. The deal would’ve been mostly cash – 80% – with the remaining 20% paid in Paramount stock. But unfortunately for them, Warner Bros.’s board wasn’t interested and turned the offer down flat, unanimously! It seems like a deal just isn’t going to happen right now.
Hollywood Inc.
Movie theater owners are worried that if Warner Bros. is bought by a larger company, it could lead to fewer movies being made, adding to the challenges the film industry is already facing.
Oct. 9: Larry makes the case, again
Larry Ellison and David Zaslav had another video call to discuss Warner Bros. Discovery’s decision to decline Paramount’s offer. This was their second conversation on the matter.
Oct. 8: Netflix downplays merger rumors
So, I was reading about Netflix, and their co-CEO, Greg Peters, was speaking at a conference. Apparently, people are wondering if Netflix might try to buy Warner Bros., but Peters doesn’t seem interested. He basically said that big mergers in the media world rarely work out well, and Netflix has always been more about creating its own stuff instead of just acquiring other companies. It sounds like they’re happy building things from the ground up, rather than making a huge purchase.
Earlier in the day, Zaslav informed David Ellison that Warner’s board had unanimously turned down Paramount’s second offer.
Sept. 30: Dangling a deal
David Ellison has made another offer to buy Warner Bros., this time for $22 per share. The offer includes 67% cash and 33% in Paramount shares. As an added incentive, Ellison has proposed that current Warner Bros. Discovery CEO David Zaslav remain with the combined company as co-CEO and co-chairman.
Sept. 24: Larry Ellison is on the line
Larry Ellison, the biggest investor in Paramount, spoke with David Zaslav in a video call. John Malone, Warner Bros.’ former chairman, also joined the conversation. They discussed Paramount’s potential interest in acquiring Warner Bros., and Zaslav explained how splitting Warner Bros. into separate businesses would benefit investors.
Sept. 22: Thanks, but no thanks
David Zaslav informed David Ellison that Warner Bros. Discovery’s board unanimously found Paramount’s offer too low. Warner Bros. Discovery still intends to split the company into two. Following this, David Ellison requested a conversation between Zaslav and his father.
Sept. 15: Warner’s board is skeptical
So, I’m hearing Warner Bros. Discovery’s board just met to talk about that offer from Paramount, spearheaded by Ellison. Apparently, they think Paramount’s proposal didn’t really reflect Warner’s true worth. A big part of the problem, as they see it, is that the deal was too connected to Paramount’s stock, which had a huge jump after news leaked about them wanting to acquire Warner. It’s like the price was inflated by hype, and Warner’s board wasn’t buying it.
Sept. 14: Zaslav and Ellison exchange pleasantries
David Ellison, CEO of Paramount, visited Warner Bros. Discovery CEO David Zaslav at his home in Beverly Hills to discuss a potential offer of $19 per share for the company. Paramount proposed a deal that would be 60% cash and 40% stock. Following the meeting, Ellison sent a letter detailing the formal bid.
Sept. 12: The offer
Paramount’s board votes unanimously to make a bid for Warner Bros. Discovery.
Hollywood Inc.
Paramount, Comcast, and Netflix are all planning to make offers for parts or all of the famous media company before Thursday’s deadline.
Sept. 11: The Ellisons’ next target
The Wall Street Journal says Paramount is planning to make an offer to buy Warner Bros. Discovery. This news caught Warner executives off guard, as they didn’t know Paramount was preparing to make a bid. Warner’s stock price jumped almost 30% following the report.
Aug. 7: A done deal
David Ellison, backed by RedBird Capital Partners, has finalized the $8 billion acquisition of Paramount Global, marking a new chapter for the studio. Shortly after the deal closed, Paramount’s board convened to explore a potential acquisition of Warner Bros.
July 24: Paramount-Skydance gets the green light
The Federal Communications Commission (FCC), led by Chairman Brendan Carr, has given its approval for Skydance, a company linked to Ellison, to acquire Paramount. This includes well-known brands like CBS, MTV, Comedy Central, and the Paramount Pictures film studio. This approval follows Paramount’s recent agreement to pay former President Trump $16 million to resolve a legal dispute stemming from changes made to a “60 Minutes” interview before the 2024 election.
June 9, 2025: Splitting Warner
The Warner Bros. Discovery board has announced it will divide the company into two separate entities. One will be named Warner Bros. and will encompass the film and television studios, along with HBO and HBO Max. The other, to be called Discovery Global, will include Warner’s cable channels such as CNN, TBS, TNT, and HGTV.
July 7, 2024: David Ellison wins Paramount
After almost a year of negotiations, David Ellison, the son of Oracle founder Larry Ellison and head of Skydance Media, has reached an agreement to purchase Paramount, the media company owned by Shari Redstone, who has been facing challenges with the business.
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2025-12-23 22:03