The global entertainment industry is witnessing a high-stakes battle for control of Warner Bros. Discovery (WBD), with David Ellison's Paramount Skydance launching a $108.4 billion hostile bid against a rival $83 billion offer from streaming giant Netflix. This intense competition has led to extensive lobbying efforts across Europe and increased scrutiny from regulatory bodies in both Europe and the U.S.

David Ellison is leading a rigorous campaign, embarking on a race against time to secure support from political leaders and entertainment figures across Europe. His delegation recently traveled to Paris, where they engaged with high-profile French officials, including President Emmanuel Macron and culture minister Rachida Dati. Key figures within the French film landscape also participated in these discussions, such as Gaetan Bruel, president of the National Film Board (CNC); Sidonie Dumas, CEO of Gaumont; Richard Patry, head of the French Exhibition Association; and Victor Hadida, boss of Metropolitan Filmexport. Paramount executives have further extended their outreach to Germany and the U.K., where Ellison held discussions with Lisa Nandy, the secretary of state for culture, media and sport. Meetings were also reportedly held at the European Commission, according to Bloomberg.

During his conversations with European executives and creatives, Ellison strongly emphasized his commitment to the theatrical experience. Industry sources who attended the Paris meetings were impressed by Ellison’s determination, noting his strategy to retain both studios, rigorously respect media chronology and windowing rules in France and other countries, and maintain a high level of production at both Paramount and Warner. One source conveyed, "He explained his strategy to us: he is betting everything on keeping both studios, respecting media chronology and windows in France and other countries, and maintaining a high level of production at Paramount and Warner." The sentiment among some industry insiders suggests that Ellison's lobbying efforts are not in vain, believing that a sale to Paramount Skydance would be a "much happier outcome for the film industry" compared to Netflix's acquisition.

Meanwhile, Netflix co-CEO Ted Sarandos was also active in France last month, attending the premiere of “Emily in Paris” Season 4. During his visit, Sarandos met with industry players, engaged with President Macron, and made a public commitment to keep Warner Bros. movies in theaters during a fireside chat with Canal+ Group CEO Maxime Saada. Shortly after, Sarandos, accompanied by Greg Peters, visited Discovery CEO David Zaslav at the Warner Bros. Studio lot in Burbank, a move widely perceived as an attempt to signal that his deal was firmly secured.

However, concerns rapidly emerged regarding Netflix's potential plans for Warner Bros. movies. French industry figures were reportedly "stunned" by rumors that Netflix intended to implement a 17-day theatrical window for Warner Bros. films. This proposition directly conflicts with France's strict local windowing rules, which mandate a four-month exclusive theatrical window for new releases, with streamers like Netflix having to wait 15 months to access these films. Netflix has openly challenged these rules, even lodging an appeal with France’s Council of State.

The fate of Warner Bros. holds significant implications for European exhibitors, who are already grappling with declining theatrical admissions in 2025. Warner Bros. is not only a major source of tentpole productions but is also considered the most "European" among American studios, making its ownership a critical point of concern for the continent's film industry.

Adding another layer to this complex situation, a Delaware Chancery Court judge recently rejected Paramount Skydance’s attempt to fast-track its lawsuit against Warner Bros. Discovery. This lawsuit sought to compel WBD to disclose financial details of its deal with Netflix. Consequently, Ellison’s hostile $30-per-share takeover bid must proceed without expedited discovery, with a self-imposed expiration date of January 21. The ongoing regulatory scrutiny, particularly from European anti-trust regulators, is seen by some as a potential hurdle for the Netflix deal.