The Journal. Netflix’s Fight for Warner Just Got Harder
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Dec 8, 2025 
Joe Flint, a Wall Street Journal media reporter, dives into the intense battle for Warner Bros. Discovery following a $77.9 billion hostile takeover bid from Paramount. Flint explores the chaotic landscape, discussing the implications of Netflix's recent $72 billion deal and the challenges Warner faces due to its past merger and heavy debts. He also highlights Paramount's strategy, the potential antitrust issues, and what a win for Netflix could mean for Hollywood's future and content creators.
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Deal Could Reshape Hollywood
- Netflix's bid to buy Warner Bros. Discovery could reshape Hollywood by combining major studios and streaming services.
- The competing offer from Paramount escalated a high-stakes battle for control of valuable IP and streaming reach.
Origins Of Warner Bros. Discovery
- Warner Bros. Discovery formed from a 2022 merger of Discovery and Warner Media and struggled with debt and streaming costs.
- The company then announced a split to separate streaming and studios from cable networks, setting up interest from buyers.
Paramount's Pursuit Explained
- David Ellison's Skydance acquired Paramount and then pursued Warner to build a larger streaming competitor.
- Paramount made unsolicited bids earlier in the year aiming to combine libraries and scale streaming offerings.