Netflix abandons higher bids; Paramount's Top Gun acquisition gains the upper hand in Warner Bros. deal

A significant change occurred on the 26th in the acquisition battle between Netflix and Paramount Global for Warner Bros. Discovery. After streaming giant Netflix announced it would no longer raise its acquisition offer, Paramount Global, which recently made a new bid, successfully “overtook” and gained the upper hand. On December 5, 2025, Netflix announced an agreement with Warner Bros. Discovery to acquire its television, film production studios, and streaming business through a combination of cash and stock, with a total transaction value of $82.7 billion. The portion of Warner Bros. Discovery not acquired will form a new company to be publicly listed. On December 8 of last year, Paramount Global launched a hostile takeover bid for Warner Bros. Discovery, willing to acquire the latter for $30 per share in cash, totaling up to $108.4 billion. Although the Warner Bros. Discovery board had repeatedly stated it rejected Paramount Global’s offer and continued to support the Netflix proposal, Paramount Global recently raised its bid to $31 per share, bringing the total acquisition value to an estimated $111 billion. On the 26th, the Warner Bros. Discovery board stated that Paramount Global’s latest proposal constitutes a “superior offer.” Netflix subsequently announced it would exit the competition, as raising the bid would make “the deal financially unattractive.” It is reported that Paramount Global will acquire all of Warner Bros. Discovery’s business, including its television networks such as CNN and the Discovery Channel. This will place CNN under the same group as Paramount Global’s CBS and reshape the Hollywood landscape. U.S. media analysis pointed out that this acquisition will still require approval from Warner Bros. Discovery and regulatory agencies, and Paramount Global’s acquisition deal may face antitrust scrutiny from the U.S. Department of Justice. (Xinhua News Agency)