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

On Friday, December 5, Netflix made waves by announcing a $72 billion deal to acquire the streaming and studio assets of Warner Bros. Discovery (WBD). If finalized, the merger would bring the legendary HBO and Warner Bros. libraries under one roof with hits like Stranger Things and Squid Game. But the "friendly" deal was short-lived. Just three days later, on Paramount Skydance launched a hostile $108.4 billion counter-offer for the entire WBD empire. While Netflix's is only seeking to acquire WBD's streaming and studio assets, Paramount wants to buy everything, including networks like CNN and TLC.

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.

By putting his own name (and his $242.8 billion fortune) on the line, the elder Ellison is essentially daring the WBD board to keep saying no to his son’s offer. Is it just me, or is this starting to feel like an episode of Succession?

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.

From the breaking billionaire drama to exactly which shows and movies are at stake, here is our comprehensive guide to everything you need to know about the Netflix vs. Paramount Warner Bros. takeover.

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The agreed-upon deal between Netflix and WBD is valued at approximately $82.7 billion (enterprise value). However, this price is now being challenged by a hostile, all-cash takeover attempt from Paramount, who put in an offer for the entire Warner Bros. Discovery company.

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

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

A hostile takeover occurs when one company—in this case Paramount—attempts to acquire another company—Warner Bros. Discovery (WBD)—against the wishes of the target company's board of directors. In other words, Netflix's acquisition of WBD is considered a "friendly" acquisition because the WBD Board negotiated the terms and approved the offer before recommending it to their shareholders.

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.

While the corporate executives are busy in the boardroom, the final decision could actually be made in the Oval Office. Trump has already signaled that he intends to be personally involved in the regulatory review of this merger, which could become the most politically-charged media deal in history!

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.)

On the other hand, Paramount might have more leverage: Larry Ellison is a longtime ally of the President—and unlike Netflix, their offer includes buying CNN—a network Trump has famously criticized. Paramount has already hinted at "sweeping changes" for the news giant, a move that could clear the path for their $108.4 billion bid to get through regulatory review. In other words, Paramount is betting that their smaller size and friendly relationship with the current administration will make their offer much easier for the government to approve.

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

Eddy Chen/HBO

Which HBO Series Are Set for the Netflix Move?

HBO is a television network owned—at least for the time being—by Warner Bros. Discovery, with HBO Max as its streaming arm. However, as part of the recently announced merger, many iconic HBO series are set to join the Netflix library. (Note: Several prestigious HBO series have already made their way onto the latter streaming platform over the years, including Sex and the City, Insecure, Six Feet Under and True Blood.) They include:

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)

Warner Bros. Pictures, Inc.

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

Along with those HBO titles, major Warner Bros. film and TV franchises will also be joining the Netflix family as part of the multi-billion-dollar acquisition. They include:

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?

Fotos International/Courtesy of Getty Images

We're about to show our age here, but back in the day, Warner Bros. owned the now-defunct TV network The WB. It was famed for its teen-focused programming, including iconic series like Buffy the Vampire Slayer and Gilmore Girls. (The WB was replaced and rebranded as The CW in 2006.)

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.

There are a few exceptions: Buffy fans should note that because the series was produced by 20th Century Fox (now Disney), Disney owns the IP, so its home will remain on Hulu and Hulu on Disney+. Additionally, because Dawson's Creek is owned by Sony Pictures Television, it likely won't be part of the Netflix-WBD deal.

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

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

It is possible that some Warner Bros. projects will not be exclusive to Netflix, due to third-party ownership and production. Several Warner Bros. movies, such as the Dune and Godzilla vs. Kong franchises, are co-produced alongside Legendary Pictures. Those circumstances will be more complicated and might require that those projects have their own bespoke non-exclusive distribution agreements.

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.

And while Paramount's bid is higher, it faces significant hurdles—including national security concerns because part of its financing would come from the Middle East. Plus, to break its existing contract with Netflix, WBD would have to pay a whopping $2.8 billion penalty. Finally, there are also concerns that Paramount's heavy debt load could cripple the company's future.

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.

Netflix has agreed to a record-setting $5.8 billion reverse termination fee, signaling extreme confidence that the White House won't block them. Then, on Monday, Dec. 22, Paramount upped its fee to $5.8 billion in order prove that their offer is as safe as Netflix's.

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.

Next, The 100 Best TV Shows on Netflix Right Now

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