The competition to buy Warner Bros. has narrowed to Netflix and Paramount, but Warner Bros. seems to prefer Netflix. Netflix initially offered $82.7 billion, seemingly dismissing Paramount. Paramount then countered with a $108.4 billion offer to take over Warner Bros., but Warner Bros. is now advising its owners to turn down what they call a misleading offer from Paramount.
In a letter to shareholders, Warner Bros. Discovery’s board chair, Samuel A. Di Piazza, Jr., explained that after reviewing Paramount’s recent offer to buy the company, the board determined the offer doesn’t offer enough value and carries substantial risks and costs for shareholders.
While Paramount made a larger offer, Warner Bros. argues that Paramount’s owners, the Ellison family, didn’t fully guarantee the funds to complete the deal and can withdraw without facing any penalties. In contrast, if the Netflix-Warner Bros. deal falls through or doesn’t get regulatory approval, a $5 billion fee would be required. Warner Bros. also believes the proposed deal with Paramount likely won’t be approved by regulators, though Netflix’s deal isn’t guaranteed approval either.
Warner Bros. has only indicated its preference, and its owners could still choose Netflix over Paramount’s higher offer. However, Paramount’s ability to finalize the deal is now in question. Jared Kushner’s investment firm recently withdrew its support for Paramount’s bid. Kushner, who is Donald Trump’s son-in-law, also supports Saudi Arabia’s potential purchase of EA, which could give the country nearly complete ownership of that gaming company.
The company that acquires Warner Bros. will likely also gain ownership of its video game development teams and the rights to popular game franchises like DC, Harry Potter, and Mortal Kombat.
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2025-12-17 18:40