Below is a roundup of last week’s notable industry news, with summaries and our opinions. NETWARNSCOVERY IS COMING…

Paramount Skydance and Netflix battle over Warner Bros Discovery
Sources: CNBC, Deadline, The Drum
December 4-9, 2025

Summary: Netflix won the bidding war for Warner Bros. Discovery (WBD) on Friday. Days later, Paramount Skydance launched a hostile takeover bid. 

Netflix offered $28 per share, mostly cash, for WBD's studio and streaming assets in a deal valued at $72B. Paramount is offering $30 per share in all cash, going directly to WBD shareholders after the board rejected the same offer last week. The key difference: Netflix only wants the studio and HBO Max, while Paramount wants the whole company, including TV networks like CNN and TNT Sports.

Paramount’s bid is backed by the Ellison family, RedBird Capital, and $54B in debt from Bank of America, Citi, and Apollo. Outside financing comes from Saudi Arabia's Public Investment Fund, Abu Dhabi's L'imad Holding, Qatar Investment Authority, and Jared Kushner's Affinity Partners. 

The Trump administration is looking at Netflix's deal with "heavy skepticism" from an antitrust perspective. Trump said the market share considerations could be a "problem". Netflix would combine the #1 and #3 streaming services, but Paramount's bid would consolidate leading studios and TV programming. 

Opinion: We'll see who ultimately wins. 

Netflix hasn't made many acquisitions in its history. The deal would give Netflix the Warner Bros. theatrical distribution apparatus, plus massive content libraries including DC Studios, HBO, Harry Potter, and Game of Thrones.

It would also give Netflix control over more premium video ad inventory. The combined catalog would give advertisers a consolidated buying path and more predictable reach across genres. Industry experts say Netflix's ad business would grow "exponentially" with the added scale, since ad models reward reach and frequency with network effects.

Just as the industry fragmented to compete with Netflix, we're now watching it consolidate back. If this deal happens, it validates that scale beats differentiation in ad-supported streaming. For advertisers, it means easier planning and more brand-safe, long-form content in one place. But it also probably means less room to negotiate on pricing. Premium video CPMs are already high, and Netflix could push them higher. The remaining independents, Peacock, Paramount+, smaller players, and the rest of the industry, should brace for further consolidation.

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