Paramount-Ellison’s bid is still alive and kicking!

The WBD-Netflix-Paramount bid war is still on and, after a brief lull in headlines, it feels like the calm before the storm.

In the first round, Netflix had almost sealed the deal, until Paramount came in with a hostile bid. Even then, it failed to budge the Warner Bros. Discovery board from backing Netflix. The WBD board expressed concerns over Paramount’s proposal, but Larry Ellison jumped in and shifted the spotlight.

Despite a few ruffles along the way, WBD has stayed firmly with Netflix, repeatedly stating that Paramount’s offer is inadequate and carries significant financing risks.

And to end this, Netflix has strengthened its position by converting its original cash-and-stock proposal into a full all-cash offer just a couple of weeks ago.

The second round also favors Netflix over Paramount. But the final verdict is yet to be passed.

So, here’s a quick look at how the bid war stands right now:

• Paramount-Ellison’s hostile offer is still alive, but it hasn’t toppled Netflix’s deal.
• WBD shareholders are expected to vote on Netflix’s revised proposal around April 2026.
• The deal remains subject to antitrust reviews in the US, the EU, and the UK.
• Even if approvals come through, the full takeover is expected to take time, i.e., into late 2026 or early 2027.
• Netflix remains the front-runner, with the clear backing of the WBD board.
• Paramount continues to push its case directly to WBD shareholders, alongside legal and regulatory challenges to the Netflix deal.

Well, one thing’s for sure, this is turning out to be one heck of a bid war the media industry has witnessed, so far.

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