The global media and entertainment industry is currently witnessing a high-stakes battle for control of Warner Bros. Discovery (WBD), with Paramount announcing a challenging all-cash bid amid an existing offer from streaming giant Netflix.

On December 8, 2025, Paramount officially unveiled an ambitious tender offer to acquire all outstanding shares of Warner Bros. Discovery for $30.00 per share in cash. This aggressive move values the overall enterprise deal at a staggering $108.4 billion. Paramount’s proposal encompasses the entirety of WBD, including its crucial Global Networks segment, as stated in their official announcement. This bid positions Paramount as a formidable contender, seeking to outmaneuver Netflix in the race to acquire the iconic US-based film studio and its associated assets.

Previously, Netflix had reportedly put forth a $72 billion deal for the acquisition of Warner Bros. Discovery, including its popular streaming service, HBO Max. This earlier offer from Netflix had already set the stage for significant market consolidation within the streaming landscape, potentially creating the world's largest streaming player by absorbing its fourth-largest rival.

However, the proposed Netflix acquisition has not been without controversy. On December 7, US President Donald Trump voiced significant concerns over potential antitrust issues, signaling his intent to personally intervene and review the deal process. Speaking to reporters in Washington, DC, President Trump acknowledged meeting Netflix co-CEO Ted Sarandos but emphasized that the acquisition warranted serious consideration due to Netflix’s already substantial market share. He warned that combining with Warner Bros. Discovery would dramatically increase this share, potentially creating a “problem.”

Both Bloomberg and Reuters reported President Trump confirming his direct involvement in overseeing the decision, though he refrained from indicating his leanings. His primary concern revolved around the deal’s potential to push Netflix’s combined market share beyond the 30% threshold, a benchmark often scrutinized by the US Department of Justice’s antitrust division. Such an expansion could deem the deal illegal in the eyes of regulators.

In an effort to navigate these regulatory hurdles, Netflix is reportedly preparing to argue for a broader market definition. Sources indicate that Netflix plans to contend that video platforms such as YouTube (owned by Google) and TikTok (owned by ByteDance) should be included in any market analysis. This strategic redefinition, if accepted, would “dramatically” reduce Netflix's “perceived” market dominance, potentially clearing the path for the controversial deal. Netflix’s Sarandos had met with President Trump at the White House, reportedly arguing that Netflix was not an