An ambitious billion-dollar tug-of-war as the Hollywood titan clashes with the streaming behemoth

The battle to buy Warner Bros. Discovery is now a full-fledged cage match between Netflix and Paramount. Netflix had closed the deal with $82.7 billion when Paramount crashed the party with a whopping $108.4 billion bid.

Netflix had the deal for WB’s streaming & studio segment, HBO, and the entire Max ecosystem. The Netflix takeover meant lining up DC Comics to Harry Potter, from The Sopranos to The Big Bang Theory — all under one roof. This seemed more like a chance to redefine storytelling with a plethora of creativity.

But Paramount isn’t one to let it slide off easily. Paramount Skydance made a hostile bid of $30 per share, which thus shocked everyone. Paramount is bidding for an explicit takeover of all of WBD, unlike Netflix. If Netflix made a good deal, Paramount is back with a K.O. offer.

As per Paramount, the whole sales were skewed. And it has mentioned it in a letter to WBD’s leadership, questioning the fairness of the bid.

Now, if the deal’s regulatory or structural complexities weigh on Netflix’s promise, the entire transaction could be derailed or restructured. Many fear that Netflix will kill theater-going with its streaming deals, but Netflix has assured that it will maintain the studio’s current operations, including theatrical releases for films. But looking at the streaming giant’s business model, which is against the very concept of Hollywood, people find it hard to believe. It’s a mixed outburst of views, as some want Netflix to win while some want Paramount to topple the other. This shows that the sale may not end anytime soon, as anticipated. This sudden hostile deal has made this situation look more like an HBO/Netflix drama with unexpected twists and turns and a new season in sight.

To requote Sonya Yokota William, director of the Network of Independent Canadian Exhibitors, as reported in the CBC News article regarding the matter, “I think the proof is in the pudding and what we’ve seen so far is a total reluctance to put films in cinema.”

But Netflix has Shareholders, and regulators are waiting to see how the drama will unfold in the last episode.