Decoder with Nilay Patel What’s next for Netflix and Paramount in the Warner Bros. battle
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Dec 22, 2025 
Lucas Shaw, a Bloomberg media reporter specializing in entertainment deals, dives into the fierce bidding war for Warner Bros. Discovery. He discusses Paramount's renewed bid and Netflix's commitment to pushing forward. Shaw analyzes possible legal challenges, regulatory implications, and how each company's strategies could reshape Hollywood. The conversation touches on AI's evolving role in production and the overall media landscape as these giant firms vie for key assets. Shaw also shares his year-end recommendations, providing listeners with must-see films and shows.
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Board Will Entertain Better Bids
- Warner Bros. Discovery won't simply tell bidders to go away and will use offers to push price higher for shareholders.
- The board will entertain higher bids because it has a fiduciary duty to maximize shareholder value.
Two Determined Bidders, Different Constraints
- Paramount and Netflix are both very committed and not used to losing, which increases odds of an extended bidding war.
- Netflix faces shareholder constraints that could limit how high it will go compared with the Ellisons' privately controlled approach.
Raise The Bid Or Lobby Shareholders
- Paramount should either increase its bid or take the offer directly to shareholders to pressure Warner Bros. Discovery.
- Suing over process is risky, so raising the price is the safer path to win the deal.