Netflix has officially withdrawn its bid to acquire Warner Bros. Discovery, leaving Paramount Skydance in a prime position to take over the entertainment giant. The news broke at the world premiere afterparty for Warner Bros.’ latest release, The Bride!, in London, ending one of Hollywood’s most intense acquisition battles in recent memory.

The development has stirred mixed reactions across the global cinema community. In the U.S., industry watchers are cautious about the concentration of media power under the Ellison family, noting their political influence. Internationally, concerns focus on film bargaining power, production volume, and regulatory oversight.

Clare Binns, a veteran of the British cinema scene with Picturehouse Cinemas, praised Paramount’s historical support for theatrical release windows, but expressed unease about the long-term impact on film production and diversity.

As Paramount steps closer to finalizing the acquisition, analysts predict a reshaping of Hollywood dynamics, with potential effects on streaming strategies, theatrical releases, and the types of projects greenlit under the new ownership.