Paramount has ignited a major power shift in Hollywood with a hostile bid for Warner Bros. Discovery, vowing to expand theatrical releases in a direct challenge to Netflix’s earlier agreement to acquire key assets of the studio. In a call with press and investors, Paramount pledged more than 30 theatrical films and promised healthy release windows, signaling a sharp contrast to Netflix’s long-criticized approach to cinemas.

Netflix Co-CEO Ted Sarandos has often downplayed the traditional moviegoing experience, raising concerns among filmmakers that the streamer’s deal could further marginalize theaters. While Sarandos insisted that Netflix would honor Warner Bros.’s existing theatrical plans, he also made clear that exclusive cinema windows would “evolve” to become more “consumer friendly.” He emphasized Netflix’s priority of delivering first-run movies directly to subscribers rather than maintaining lengthy theatrical runs.

Paramount Skydance took its bid public on Monday, offering an all-cash tender of $30 per share for every outstanding WBD share — echoing a prior proposal submitted to the board on December 4. The offer includes the studio’s sweeping television portfolio, from CNN to TNT, valuing the deal at $108.4 billion with debt included. By comparison, Netflix’s bid amounts to $27.75 per share through a mix of cash and stock, and covers only select WBD divisions, leaving the bulk of cable assets to be spun off.

David Ellison, CEO of Paramount, outlined the company’s long-term vision, stressing a belief in the enduring value of the movie business. He said the deal focuses on building “more, not cutting back,” creating broader opportunities for creatives and greater choice for audiences. Since Skydance acquired Paramount last summer, the company has pushed aggressively to rebuild the studio’s box-office presence. The plan would see theatrical output rise from eight films this year to 15 by 2026, 17 by 2027, and 18 by 2028 — surpassing Warner Bros.’s usual 12 to 14 films annually and building on a year marked by the success of titles such as Weapons, Sinners, and Superman.