Netflix vs. Paramount: Everything to Know About the $108 Billion Battle for Warner Bros. and HBO ...Saudi Arabia

Then, on Dec. 17, WBD's Board of Directors released a letter criticizing Paramount’s offer, calling it "illusory and misleading." On Monday, Dec. 22, Oracle founder Larry Ellison—the father of Paramount Skydance CEO David Ellison—stepped in with an irrevocable personal guarantee of $40.4 billion. To give WBD shareholders time to review this game-changing twist, Paramount has officially extended its offer deadline from January 8 to Jan. 21.

But while the battle for ownership rages on, don't cancel any subscriptions just yet. Current operations at both companies—from theatrical film releases to their respective streaming services—will remain uninterrupted for the near future, as either deal isn't expected to fully close until late 2026. Plus, the eventual winner will still face a gauntlet of regulatory approval. Both the Federal Trade Commission (FTC) and Department of Justice (DOJ) are expected to conduct rigorous anti-trust reviews, especially given Donald Trump's recent comments regarding Netflix’s "very big market share" and the potential for an unfair monopoly.

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Related: 5 Must-See Holiday Movies on Netflix This Christmas—Your 2025 Guide

Is the Paramount Hostile Takeover Real? Larry Ellison’s $40B Guarantee

However, Paramount was undeterred and went directly to the WBD shareholders, offering an all-cash, $108.4 billion counter-offer. As previously mentioned, Paramount's offer was originally scheduled to expire at 5:00 p.m. ET on Jan. 8, 2026, but Paramount has officially extended its deadline to Jan. 21, 2026. So what happens now? The Board of Directors for WBD is still recommending the Netflix deal, but has a legal duty to respond to Paramount's all-cash offer. With that being said, the power now lies in the hands of the shareholders — and after that, government regulators.

Netflix’s Co-CEO Ted Sarandos reportedly met with Trump at the White House on Nov. 24—just days before the deal was announced—to pitch Netflix as a national champion for the economy. While the President has called Sarandos a "fantastic man," he told reporters that Netflix’s massive market share could present a problem. (Because Netflix is already so dominant in streaming, a merger with HBO and Warner Bros. could be viewed as a monopoly nightmare.)

Netflix vs. Paramount Skydance: Who Will Own HBO and Harry Potter?

A key difference here is that Paramount's offer is for the entire Warner Bros. Discovery (WBD) company, including all of its networks and reality shows, such as TLC, Animal Planet and Adult Swim. On the other hand, Netflix's offer is a partial acquisition, meaning it only includes WBD's film studios and streaming assets. If Netflix wins, the remaining networks (CNN, TLC, etc.) are slated to become a separate company called Discovery Global.

Full List: Every HBO and Warner Bros. Franchise Moving to Netflix

After the Netflix-WBD merger is approved, 'Euphoria' will start streaming on Netflix.

Eddy Chen/HBO

Which HBO Series Are Set for the Netflix Move?

The Big Bang Theory

My Brilliant Friend

Curb Your Enthusiasm

Friends

Hacks

Mare of Easttown

The Pitt

The Sopranos

True Detective

Veep

The White Lotus

The Wire

Related: Where Is ‘The White Lotus’ Going Next? Fan-Favorite Has Some Epic Suggestions (Exclusive)

Humphrey Bogart and Ingrid Bergman in 'Casablanca'

Warner Bros. Pictures, Inc.

Warner Bros. Movie Library: From 'Harry Potter' to 'Casablanca'

A Nightmare on Elm Street

Barbie

Blade Runner

Caddyshack

Citizen Kane

Cool Hand Luke

Deliverance

Dirty Harry

Dune film franchise

The Exorcist

Friday the 13th film franchise

Gone with the Wind

The Goonies

Harry Potter film franchise (including the Fantastic Beasts films)

The Lego Movie film franchise

Looney Tunes

The Matrix film franchise

The Mortal Kombat franchise

Ocean's 11 film franchise

Poltergeist

Scooby-Doo

The Shawshank Redemption

Singin’ in the Rain

The Wizard of Oz

Related: ‘Wizard of Oz’ Sphere Profits Are Stunning. Are Other Movie Classics on the Horizon?

The cast of 'Buffy The Vampire Slayer'

Fotos International/Courtesy of Getty Images

The majority of old-school WB shows—such as Gossip Girl, Felicity, Charmed, Angel, Everwood, Roswell, Supernatural and those aforementioned programs—are already available to stream on Netflix. However, it's expected that more beloved titles from The WB and The CW—including 7th Heaven, Smallville, One Tree Hill and Popular—will be making their way to Netflix as part of the merger.

Related: ‘One Tree Hill’ Villains Reunite For Viral TikTok Trend: ‘Best One Yet’

The Exclusivity Rule: Which Movies Won't Move to Netflix?

Will Both Deals Fall Through? Breaking Down the Multi-Billion-Dollar Breakup Fees

Logistically, it is entirely possible that neither deal moves forward. First, Netflix must now compete with Paramount’s massive all-cash offer and survive a gauntlet of government anti-trust reviews. The deal would give Netflix the lion's share (more than 30%, in fact) of the streaming market, "a threshold traditionally viewed as presumptively problematic under antitrust law," U.S. Rep. Darrell Issa, a California Republican, wrote in a November 17 letter to the Justice Department.

To show how serious they are, both companies have put staggering amounts of money on the table in the form of "breakup fees"—money paid if the deal is blocked by regulators.

Between these billions in fees and government regulations, both of these mergers face significant obstacles. Parade will keep you updated on every development in this real-life Succession-level saga.

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