Netflix has a deal, but Paramount is still bidding. 

Warner Bros. Discovery is in a rare, real-time takeover battle that could reshape where students watch HBO, DC and Warner movies; and how often they’ll pay for it. 

By Syed Huzaifa Bin Afzal

Warner Bros. has survived silent films, VHS, DVDs and the streaming wars. Now the studio’s next era is being negotiated in real time, and students may feel the effects the next time they open Netflix or HBO Max. 

Warner Bros. Discovery (WBD), the parent company behind Warner Bros., HBO and HBO Max, is currently in a contested acquisition process. Netflix has announced a definitive agreement to acquire WBD’s studios-and-streaming business, but as of Dec. 5, 2025, a rival bidder, Paramount Skydance, is still pursuing an unsolicited offer aimed at shareholders according to Reuters. 

For many students, entertainment is a budget line item now. A single streaming subscription can cost as much as a week of coffee runs. That’s why mergers like this matter on campus; they can change whether you need two apps or one and whether a movie night is a theater trip or a dorm-room stream. 

This isn’t just Wall Street noise. The winner will influence where Warner movies land, what happens to HBO Max, and whether big releases stay theater-first or become another at-home drop. 

WBD’s story starts with a split. On June 9, 2025, WBD announced plans to separate into two publicly traded companies; one focused on Streaming & Studios (Warner Bros. film and television, DC Studios, HBO, HBO Max, Warner Bros. Games and experiences) and one focused on Global Networks, its traditional cable and TV assets, according to Warner Bros. Discovery. 

The pitch was simple; let each side do its job without being dragged down by the other. Streaming and studios can chase growth and prestige, while networks can keep generating cash as cable viewership declines. The industry read between the lines, dividing the business also makes it easier for a buyer to target the most valuable pieces. 

On Dec. 5, Reuters reported Netflix agreed to buy WBD’s studios-and-streaming division in a cash-and-stock deal valued at about $72 billion in equity. The report described the acquisition as giving Netflix control of Warner’s production engine and major franchises such as Harry Potter, DC Comics and Game of Thrones. 

Netflix also posted its own announcement that day, framing the deal as the next step in streaming evolution and emphasizing that the acquisition would happen following WBD’s corporate separation. 

As Netflix’s deal grabbed attention, Paramount Skydance kept trying to change the outcome. On Dec. 22, WBD confirmed it received an amended, unsolicited tender offer from Paramount Skydance. WBD told shareholders not to take action while its board reviews the offer and said it was not modifying its recommendation supporting the Netflix merger agreement at that time, according to PR Newswire. 

Paramount Skydance simultaneously published its own statement Dec. 22 promoting its $30-per-share all-cash offer, saying it had amended terms to address WBD’s concerns, according to Paramount. 

Then came the financing flex that turned the story into a true media spectacle; reporting from the Financial Times stated billionaire Larry Ellison personally backed Paramount Skydance’s hostile bid by guaranteeing a major portion of the equity financing, boosting the offer’s credibility. 

The Wall Street Journal similarly reported the personal guarantee as part of Paramount’s amended proposal, meant to counter WBD’s criticism of earlier financing, according to The Wall Street Journal. 

So, when people ask about Warner’s acquisition status, the best answer is a Netflix deal exists, but the final result is still contested, and WBD’s board must review whether the rival offer is superior. 

The biggest student-facing question is simple, will streaming get easier, or more expensive? 

If Netflix ends up controlling HBO Max, bundling becomes the obvious possibility of fewer apps to juggle, one payment, one home screen. That sounds ideal in a house where everyone is already splitting subscriptions. But consolidation can also mean fewer competitors pushing prices down. It can also mean fewer middle services that pick up niche series, international titles or riskier projects. 

Students have already lived in the modern moment where a title can exist, then vanish, then reappear somewhere else. Big mergers often reduce licensing to rival platforms and encourage exclusivity. That can simplify where to watch, but it can also make libraries more volatile if a company decides a show doesn’t fit its strategy or wants to trim costs. 

The streaming era is moving into a new phase where the largest platforms aren’t just competing for shows they’re trying to own the studios that make them. Warner’s next act is still being written. The question is whether it ends up in Netflix’s hands or whether another bidder rewrites the ending.