"Warner Bros. asks investors to reject takeover bid from Paramount Skydance"/ "Warner Bros. rejects revised Paramount bid, tells shareholders to stay with Netflix"

Dec. 17, 2025 "Warner Bros. asks investors to reject takeover bid from Paramount Skydance": Today I found this article on CBC:

Warner Bros. is telling shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.

"We strongly believe that Netflix and Warner Bros. joining forces will offer 

consumers more choice 

and value, 

allow the creative community to reach even more audiences 

with our combined distribution 

and fuel our long-term growth," 

Warner Bros. said Wednesday.

"We made this deal because their deep portfolio of 

iconic franchises, 

expansive library 

and strong studio capabilities 

will complement 

— not duplicate 

— our existing business."

Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favoured by the board of Warner Bros.

Paramount is offering $30 US per Warner share to Netflix's $27.75 US.

Paramount's bid isn't off the table altogether. 

While Wednesday's letter to shareholders means Paramount's is not the offer favoured by the board at Warner Bros.,

shareholders can still decide to tender their shares in favour of Paramount's offer for the entire company — including cable stalwarts CNN and Discovery.

Unlike Paramount's bid, 

the offer from Netflix does not include buying the cable operations of Warner Bros. 

An acquisition by Netflix, if approved by regulators and shareholders, 

will close only after Warner completes its previously announced separation of its cable operations.

Paramount on Wednesday affirmed its offer from last week and urged Warner Bros. Discovery shareholders to tell the company they prefer Paramount's "superior offer."

"I have been encouraged by the feedback we have received from WBD shareholders who clearly understand the benefits of our offer," 

Paramount CEO and chairman David Ellison said. 

"We will continue to move forward to deliver this transaction, which is in the best interest of WBD shareholders, consumers, and the creative industries."

Takeover bids face regulatory scrutiny

Paramount has claimed it made six different bids that the Warner leadership rejected before announcing its deal with Netflix on Dec. 5. Only after that did it take its offer directly to Warner's shareholders.

"The board reviewed Paramount Skydance's most recent unsolicited tender offer with the same care and discipline it has applied throughout this process, including its review of multiple prior proposals," Warner Bros. said in its statement.

"The board's evaluation followed a thorough and consistent process and is grounded in its fiduciary duties."

Beyond a greenlight from shareholders, both takeover bids face tremendous regulatory scrutiny. 

A change in ownership at Warner would drastically reshape the entertainment and media industry — impacting 

movie-making, 

consumer streaming platforms

 and, in Paramount's case, the news landscape.

Critics of Netflix's deal say that combining the massive streaming company with Warner's HBO Max would give it overwhelming market dominance, 

whereas the Paramount+ streaming service is far smaller.

"This is something that we've heard for a long time — including when we started the streaming business," 

Warner Bros. said in a securities filing on Wednesday. 

"Our stance then and now is the same — we see this as a win for the entertainment industry, not the end of it."

Bids from both Netflix and Paramount have raised alarm for what they could mean for film and TV production. 

While Netflix has agreed to uphold Paramount's contractual obligations for theatrical releases, critics have pointed to its past business model and reliance on online releases. 

Yet Paramount and Warner Bros. are two of the "big five" legacy studios left in Hollywood today.

Paramount's attempt to buy Warner's cable networks and news business would also bring CBS and CNN under the same roof. 

In addition to further accelerating media consolidation, 

that could raise questions about shifts in editorial control 

— as seen at CBS News both leading up to and following 

Skydance's $8 billion US purchase of Paramount, which it completed in August.

U.S. President Donald Trump has already been vocal about his future involvement in the deal, indicating that politics will play a role in regulatory approval.

Trump previously said that Netflix's deal "could be a problem" because of the potential for an outsized control of the market. 

The Republican president also has a close relationship with Oracle's billionaire founder Larry Ellison, who is the father of Paramount's CEO, whose family trust is also heavily backing the company's bid to buy Warner.

Affinity Partners, an investment firm run by Trump's son-in-law Jared Kushner, previously said it would be investing in the Paramount deal, too. But on Tuesday, the firm announced that it would be dropping out of the bid.

Still, Trump also has a tendency to make decisions based on gut and his personal mood. He has continued to publicly lash out at Paramount over editorial decisions at CBS's 60 Minutes.

"For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so-called 'takeover,' than they have ever treated me before," Trump wrote on his Truth Social platform on Tuesday. "If they are friends, I'd hate to see my enemies!"

https://www.cbc.ca/news/business/warner-bros-investors-takeover-bid-paramount-9.7019160

Jan. 7, 2026 "Warner Bros. rejects revised Paramount bid, tells shareholders to stay with Netflix": Today I found this article on CBC:

Warner Bros. Discovery's board again rejected a takeover bid from Paramount 

and told shareholders on Wednesday to stick with a rival offer from Netflix.

In a letter to shareholders, Warner Bros.' board said Paramount's revised $108.4-billion US hostile bid amounted to a risky leveraged buyout that investors should reject.

The company's board said Paramount's offer hinges on 

"an extraordinary amount of debt financing" 

that heightens the risk of closing. 

It reaffirmed its commitment to streaming giant Netflix's $82.7-billion deal for the film and television studio and other assets.

"Our binding agreement with Netflix will offer superior value at 

greater levels of certainty, 

without the significant risks 

and costs 

Paramount's offer would impose on our shareholders," 

Warner Bros. Discovery chair Samuel Di Piazza Jr. said in a statement.

Paramount and Netflix have been vying to win control of Warner Bros.,

 and with it, its prized film and television studios 

and extensive content library. 

Its lucrative entertainment franchises include 

Harry Potter, 

Game of Thrones, 

Friends 

and the DC Comics universe, 

as well as coveted classic films such as 

Casablanca 

and Citizen Kane.

Warner's leadership has repeatedly rebuffed Paramount's bids 

and urged shareholders to instead back its the sale of the streaming and studio business to Netflix.

Late last month, Paramount announced an "irrevocable personal guarantee" from Oracle founder Larry Ellison — the father of Paramount CEO David Ellison 

— to back $40.4 billion in equity financing for the company's offer. 

Paramount also increased its promised payout to shareholders to $5.8 billion if the deal is blocked by regulators, matching what Netflix already put on the table.

Paramount's financing plan would saddle the smaller Hollywood studio with $87 billion in debt once the acquisition closed, 

making it the largest leveraged buyout in history, 

the Warner Bros. board told shareholders after voting against the $30-per-share cash offer on Tuesday.

The letter accompanied a 67-page amended merger filing where it laid out its case for rejecting Paramount's offer. 

In it, the Warner Bros. board said it met on Dec. 23 to review Paramount's amended offer and noted some improvements, 

including Ellison's personal guarantee 

and a higher reverse termination fee of $5.8 billion US, 

but it found "significant costs" associated with Paramount's bid compared with a Netflix deal.

Netflix co-CEOs Ted Sarandos and Greg Peters welcomed Warner Bros.' decision on Wednesday, saying it recognizes the streaming giant's deal 

"as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry."

Paramount did not immediately respond to a request for comment. The company's hostile bid is still on the table, and Warner shareholders currently have until Jan. 21 to "tender" their shares.

The battle for Warner and the value of each offer grows complicated because Netflix and Paramount want different things. 

Netflix's proposed acquisition includes only 

Warner's studio 

and streaming business, 

including its legacy TV and movie production arms 

and platforms like HBO Max.

But Paramount wants the entire company 

— which, beyond studio and streaming,

 includes networks like CNN and Discovery.

If Netflix is successful, 

Warner's news and cable operations would be spun off into their own company, under a previously announced separation.

A merger with either company will attract tremendous antitrust scrutiny. Due to its size and potential impact, it will almost certainly trigger a review by the U.S. Justice Department, which could sue to block the transaction or request changes. Other countries and regulators overseas may also challenge the merger.

Politics are also expected to come into play under U.S. President Donald Trump, who has made unprecedented suggestions about his personal involvement on whether a deal will go through.

And either deal would also send shockwaves throughout the entertainment industry, impacting 

movie making 

and distribution channels, 

as well as the news media environment.

With files from Reuters

https://www.cbc.ca/news/business/warner-bros-paramount-reject-bid-9.7036089

The other 2 blog posts of the week:

"Netflix to acquire Warner Bros. Discovery for $72B US"/ "Netflix-Warner Bros deal faces antitrust pushback even as company touts benefits"

https://badcb.blogspot.com/2026/02/netflix-to-acquire-warner-bros.html

"Paramount Skydance makes $108B hostile bid for Warner Bros. Discovery after Netflix move"/ "Would Netflix buying Warner Bros. kill movies in theatres?"

https://badcb.blogspot.com/2026/02/paramount-skydance-makes-108b-hostile.html

My week:

Sat. Jan. 31, 2026 Leo polls:

Gladys D, Winnipeg, Manitoba, would like to know:

On average, how many hours per day do you spend on social media?

1-2 hours    37.77% (1547)

Less than 1 hour    23.10% (946)

3-4 hours    21.14% (866)

I don’t use social media    9.67% (396)

More than 5 hours    8.33% (341)

My opinion: Less than 1 hour.  I check Facebook.  

Tues. Feb. 3, 2026:

Tina D, Egbert, Ontario, would like to know:

What type of coffee do you prefer to drink at home?

Ground coffee    26.67% (1232)

Coffee pods    21.77% (1006)

I don't drink coffee    20.41% (943)

Whole bean    19.98% (923)

Instant coffee    11.17% (516)

My opinion: Instant coffee.

Wed. Feb. 4, 2026:

Philippe D, Longueuil, Quebec, would like to know:

Would you consider purchasing a domestic humanoid robot once they become available on the market?

No     86.05% (6077)

Yes    13.95% (985)

My opinion: No.

Sun. Feb. 1, 2026 Personality test for work: I was looking for a job and I found this.  This is kind of fun to take.

I have taken these kind of tests before.  I know myself well, but there may be blind spots. 

Here's an excerpt:

Analyze

Analyzing is an activity that highly suits Tracy Au. 

She particularly enjoys understanding the links between data and being able to draw reliable conclusions. 

It is important for her that conducting analyses be one of the key tasks in the projects that are entrusted to her, so she can feel truly fulfilled.

https://afir.st/ccUzwCme3975PofX

These blog posts are from Feb. 2023.  I did a personality test and these are the jobs I got:

INTJ careers (arts, design, and communications): interpreters and translators, industrial designers, photographers

https://badcb.blogspot.com/2023/02/intj-careers-arts-design-and.html

INTJ careers (arts, design, and communications): editors, writers and authors, technical writers

https://badcb.blogspot.com/2023/02/intj-careers-arts-design-and_3.html

The INTJ at work

https://badcb.blogspot.com/2023/02/the-intj-at-work.html

"Paramount Skydance makes $108B hostile bid for Warner Bros. Discovery after Netflix move"/ "Would Netflix buying Warner Bros. kill movies in theatres?"

Dec. 8, 2025 "Paramount Skydance makes $108B hostile bid for Warner Bros. Discovery after Netflix move": Today I found this article on CBC:

Paramount Skydance on Monday launched a hostile bid worth $108.4 billion US for Warner Bros. Discovery, 

throwing a wrench into the deal with Netflix in a last-ditch effort 

to create a media powerhouse that would challenge the dominance of the streaming giant.

Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix 

and tech giants such as Apple that have expanded into media but faced rejections.

It has offered to buy the whole company at $30 per share, 

compared with Netflix's nearly $28 per share offer for its assets.

Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72-billion equity deal for Warner Bros. Discovery's TV, film studios and streaming assets. 

That offer, which is worth $82.7 billion including debt 

and comes with a $5.8-billion breakup fee from Netflix, 

is likely to face strong antitrust scrutiny.

U.S. President Donald Trump told reporters on Sunday evening before an event at the Kennedy Center in Washington, D.C., that a Netflix-Warner Bros. combination could raise market share concerns for regulators.

Netflix's bid has also drawn sharp criticism from lawmakers from both U.S. political parties and Hollywood unions on concerns that it could lead to 

job cuts 

as well as higher prices for consumers.

Paramount CEO Ellison defends bid

In an interview with CNBC on Monday, Paramount CEO David Ellison said there is an "inherent bias" against his company in the bidding.

"We will be the largest investor in this deal. 

We're literally sitting here today because we are fighting for our shareholders, 

and we're also fighting for the shareholders of Warner Bros. Discovery," 

Ellison said.

Analysts and industry experts see Paramount as the best candidate for acquiring Warner Bros. Discovery, given Ellison's deep pockets — backed by his father, Oracle co-founder Larry Ellison, one of the world's richest persons.

Access to WBD's vast intellectual property trove would provide 

immediate credibility, 

audience reach 

and merchandising potential 

for its gaming ambitions, 

an area where Netflix is still building original content and brand recognition.

Looking to allay antitrust fears, Netflix co-founder Ted Sarandos had said the deal would drive 

value for consumers, 

shareholders 

and talent 

and that Netflix is "highly confident" in the regulatory process.

Bloomberg News has reported Trump met Sarandos in mid-November, telling the executive Warner Bros. should sell to the highest bidder. However, Paramount's bid could also face its own level of regulatory scrutiny.

A Paramount-Warner Bros. combination would boost its dominant position in the studio business that some also worry could lead 

to job losses as the industry rapidly consolidates.

Paramount remains one of Hollywood's major studios, 

but its box office record has been uneven, 

with occasional franchise wins 

offset by periods in which its slate has trailed 

Disney, 

Universal 

and Warner Bros. in U.S. market share. 

Its last Academy Award win for best picture came in the 1990s.

Paramount had sent a letter to Warner Bros. questioning the sale process 

and alleging the company has abandoned a fair bidding process 

and predetermined Netflix as the winner.

https://www.cbc.ca/news/entertainment/us-paramount-skydance-warner-bros-bid-netflix-9.7006820

Dec. 11, 2025 "Would Netflix buying Warner Bros. kill movies in theatres?": Today I found this article by Mark Gollom on CBC:

When Sonya Yokota William heard that Netflix was poised to buy Warner Bros. Discovery's TV and film studio — one of Hollywood's oldest and most prized assets — she couldn't help but worry that the future of the moviegoing experience itself was at risk.

Assurances from Netflix that it would maintain the studio's current operations, including theatrical releases for films, has done little to allay industry concerns about the streaming giant's attitude toward theatrical releases.

“I think the proof is in the pudding and what we've seen so far is a total reluctance to put films in cinema,” 

said William, who is the director of the Network of Independent Canadian Exhibitors, an alliance of independent cinemas.

Though Netflix has agreed to buy Warner Bros. Discovery's TV and film studios and streaming division for $72 billion US, the deal is still subject to regulatory approvals.

Meanwhile, Paramount Skydance has launched a hostile takeover bid worth $108.4 billion US.

Industry analysts say that while people do still want to see movies in theatres, the cost of doing so has increased and customers need a more compelling reason to go. 

Some analysts suggest that theatre companies and studios haven't done enough to market their product as a relatively inexpensive experience.

'Unprecedented threat'

Netflix's takeover bid “poses an unprecedented threat to the global exhibition business," said Michael O'Leary, president and CEO of Cinema United, a trade organization that represents more than 31,000 movie screens in the U.S. and Canada.

Netflix's business model does not support showing movies in theatres, he said.

The deal would risk removing 25 per cent of the annual domestic box office 

if films that are "traditionally given a robust theatrical release by Warner Bros., disappear from theatres," 

he said.

In 2024, the estimated domestic box office was around $8.7 billion,

 down from $9 billion in 2023, 

according to media analytics company Comscore.

O'Learly slammed what he called Netflix's "token theatrical release" of a handful of films, which he says is mostly done to ensure they receive Oscar consideration. 

Guillermo del Toro's Frankenstein, for example, was given a limited theatrical release for three weeks starting on Oct. 17, before it was available to stream on Netflix on Nov. 7.

The industry concerns relate not only to the Netflix business model, but statements made by Ted Sarandos, a co-chief executive of Netflix, who has questioned the future of theatregoing.

For example, just this past April, Sarandos, speaking at the TIME100 Summit in New York City, called the concept of people watching movies as a communal experience “an outmoded idea."

“Who wins in that scenario when you remove the choice of being able to watch a movie in the cinema," William asked.

Serena Whitney, program director for the Toronto independent theatre The Revue Cinema, which screens older films, says Warner Bros. is probably one of their best distributors. 

But she wonders whether their catalogue will be available for them to exhibit if Netflix takes it over.

“There is a reason why exhibitors are very concerned right now,” Whitney said. 

"If they just choose to not handle the the catalogue the way that you were able to access it now, it could greatly affect [repertory] cinemas."

Pushback over exclusive windows

Since the bid announcement, Sarandos has appeared to soften his negative tone on theatrical release.

He's said Netflix doesn't oppose movies in theatres, and that his pushback is more about long exclusive windows

 — the time that movies are available only in theatres — 

which they don’t believe are consumer friendly.

The Los Angeles Times reported in April that the average theatrical window has shrunk to around 30 days post COVID-19. 

Before the pandemic, films would typically be in theatres for at least 80 days before they became available for home viewing.

But Alicia Reese, a senior analyst who has covered the media and entertainment sector with the financial services firm Wedbush, says the shorter theatrical window sought by Netflix is the problem.

"You're training moviegoers to skip the theatrical window. And that's the risk of it being too short," she said.

She also says that while Netflix has said it will honour the studio's committments theatrical release — which extends to around 2029 or 2030 — the question is what it will do afterward.

There are also still a lot of movies that haven't been scheduled for release, meaning Netflix could put those movies under its own umbrella and make them available on its streaming platform, Reese said.

Some analysts have argued that movies lose revenue due to short theatrical releases. 

The Numbers, a website that analyzes the movie industry, released an April 2025 report that found short theatrical windows cost domestic theatres about $100 million US a year.

"My opinion is that while [Netflix] goes about honouring these exclusive theatrical windows, they will quickly learn the value of them," she said. 

"And they'll probably change their tune."

But the bidding war over Warner Bros. has just reintroduced questions that have been raised before about the future of moviegoing in general, and whether movie watching at home is just an unstoppable trend.

"For two decades, movie theatres have consistently wrestled with how to get people into seats. Today, that challenge has become an existential threat," according to a new report released before the Netflix bid from the management consulting firm Bain & Co.

The report found that during the pandemic, 

release schedules collapsed, 

consumer habits changed 

and digital platforms gained ground. 

As well, the cost of going to the movie theatre has increased, 

and consumers now see the cinema as expensive, 

according to the report.

Citing figures from The Numbers, the report said that domestic cinema attendance is still just 64 per cent of pre-pandemic levels.

Customers need a 'compelling reason to go'

Meanwhile, in Canada, the movie theatre business grew in 2024, but still hadn’t reached its pre-pandemic peaks, according to an August 2025 Statistics Canada report. 

It found that theatre attendance was also stagnating, at roughly two-thirds the levels seen six years earlier.

The Bain report concluded that audiences haven’t abandoned theatres, they simply "need a more compelling reason to go."

That includes the industry reframing itself "as a premium experience" 

and that seeing a movie in theatres should be considered

"an event, 

a destination,

 an experience that is far more affordable than a ticket to a Taylor Swift concert."

"Theaters can deliver on this promise via 

premium auditoriums, 

service, 

and personalization that can’t be replicated at home," 

the report said.

Reese says studios also have to be more adept at marketing their films.

"It's not that moviegoers don't want to go, because you see they certainly do when there's content that they really want to see," she said.

William, with the Network of Independent Canadian Exhibitors, pointed to the theatrical box-office successes of Barbie and Oppenheimer — known collectively as "Barbenheimer" as both were released on the same day in 2023 — as proof that audiences are still hungry to see movies in theatres.

"The option of watching a movie in the cinema means that you really care about 

watching that film 

and you care about making time," 

William said. 

"We just think that audiences deserve the choice of being able to have that experience."

https://www.cbc.ca/news/business/netflix-warner-bros-movie-theatre-9.7010782

"Netflix to acquire Warner Bros. Discovery for $72B US"/ "Netflix-Warner Bros deal faces antitrust pushback even as company touts benefits"

Dec. 5, 2025 "Netflix to acquire Warner Bros. Discovery for $72B US": Today I found this article on CBC:

Netflix has agreed to buy Warner Bros. Discovery's TV and film studios and streaming division for $72 billion US, 

a deal that would hand control of one of Hollywood's most prized and oldest assets 

to the streaming pioneer 

that has upended the media industry.

The agreement announced Friday follows a weeks-long bidding war where 

Netflix seized the lead with a nearly $28-a-share offer 

that eclipsed Paramount Skydance's nearly $24 bid 

for the whole of Warner Bros. Discovery, 

including the cable TV assets slated for a spinoff.

Netflix shares were down nearly three per cent in morning trading, while Warner Bros. Discovery shares were up over 2.7 per cent.

Buying the owner of marquee franchises including 

Game of Thrones, 

DC Comics 

and the Harry Potter franchise 

will further tilt the power balance in Hollywood 

in favour of the streaming giant 

that built its dominance 

without major acquisitions 

or a large content library. 

Warner Bros. has produced several best picture winners at the Academy Awards historically, including Casablanca, My Fair Lady, Unforgiven and The Departed.

"For more than a century, Warner Bros. 

has thrilled audiences, 

captured the world's attention, 

and shaped our culture," 

David Zaslav, CEO of Warner Bros. Discovery, said in a statement. 

"By coming together with Netflix, 

we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come."

But the deal will likely face strong antitrust scrutiny in Europe and the U.S. as it would give 

the world's biggest streaming service 

ownership of a rival that is home to HBO Max 

and boasts nearly 130 million streaming subscribers.

Cinema United, a global exhibition trade association, said in a statement on Friday the deal poses an "unprecedented threat" to movie theatres worldwide.

"In light of the current regulatory environment this will raise eyebrows and concerns. The combined dominant streaming player will be heavily scrutinized," said PP Foresight analyst Paolo Pescatore.

Pledge to maintain cinema showings

Warner Bros. Discovery had reportedly also received offers from 

Paramount Skydance 

and Comcast. 

Paramount and Comcast did not immediately respond to requests for comment.

David Ellison-led Paramount, which kicked off the bidding war with a series of unsolicited offers and has close ties with the current administration 

— his father, Oracle co-founder Larry Ellison, is a longtime friend of Donald Trump 

— questioned the sale process earlier this week in a letter alleging favourable treatment to Netflix.

Paramount Skydance shares were down 7.4 per cent.

To ease concerns about market concentration, 

Netflix argued in deal talks that a potential combination of its streaming service with HBO Max

would benefit consumers by lowering the cost of a bundled offering, 

Reuters reported on Tuesday.

The company has also told Warner Bros. Discovery that it would keep releasing the studio's films in cinemas in a bid to ease fears 

that its deal would eliminate another studio and major source of theatrical films,

according to media reports.

"We're highly confident in the regulatory process. This deal is 

pro-consumer, 

pro-innovation, 

pro-worker, 

it's pro-creator, 

it's pro-growth," 

Sarandos said on a call after the deal was announced.

Analysts have said Netflix is driven by a desire to 

lock up long-term rights to hit shows and films 

and rely less on outside studios 

as it expands into gaming 

and looks for new avenues of growth 

after the success of its password-sharing crackdown. 

The company has leaned on its ad-supported tier to drive growth, 

but that is not expected to become a major revenue engine until next year.

Warner Bros. Discovery was created just three years ago when AT&T spun off WarnerMedia, 

which was merged with Discovery Communications 

in a $43 billion deal.

Trump has a history dating back to his first term of getting involved in big media mergers and weighing in on one side. 

He actively lobbied his Department of Justice to stop AT&T's $85 billion purchase of Time-Warner, voicing concerns about media concentration.

Lawmakers on both sides of the aisle have expressed concerns this week.

"A Netflix-Warner Bros. would create one massive media giant with control of 

close to half of the streaming market threatening to force Americans into 

higher subscription prices 

and fewer choices over what 

and how they watch, 

while putting American workers at risk," 

said Massachusetts Democratic Sen. Elizabeth Warren, who supports strong antitrust enforcement.

Republican Sen. Mike Lee of Utah said on Wednesday that 

"increasing Netflix's dominance this way would mean 

the end of the Golden Age of streaming 

for content creators 

and consumers."

Netflix could counter that by pointing to 

shifting media habits 

and the lead of Alphabet's YouTube among streaming apps in terms of time spent watching on television.

The Justice Department's antitrust unit is led by Gail Slater, a former executive at Fox Corp. and Roku and, later, an economic advisor to Vice-President JD Vance.

Group of Hollywood creators reportedly concerned

Under the deal, each Warner Bros. Discovery shareholder will receive 

$23.25 in cash 

and about $4.50 in Netflix stock per share, 

valuing Warner at $27.75 a share, 

or about $72 billion in equity 

and $82.7 billion, including debt.

The deal is expected to close 

after Warner Bros. Discovery spins off its global networks unit, 

Discovery Global, into a separate listed company, 

a move now set for completion in the third quarter of 2026.

Back in June, Warner Bros. Discovery outlined plans to split its cable and streaming offerings — with 

HBO, 

HBO Max, 

as well as Warner Bros. Television, Warner Bros. 

Motion Picture Group 

and DC Studios, 

to become part of a new streaming and studios company. 

Meanwhile, networks like 

CNN, 

Discovery 

and TNT Sports 

and digital products such as the Discovery+ streaming service 

and Bleacher Report

 would make up a separate cable counterpart.

It's not clear how approval of Netflix's bid would ultimately affect Canadian viewers, 

if at all. 

Warner Bros. Discovery licenses HBO content to Crave, 

with that subscription service offered by Bell Media heralding an exclusive, multi-year deal in 2024.

A consortium of leading film industry figures urged U.S. Congress to intervene 

and oppose a Netflix acquisition, 

Variety reported on Thursday.

In an email to members of Congress, the consortium, calling themselves "concerned feature film producers," said they left their letter unsigned out of fear of retaliation, 

citing Netflix's significant both as a buyer and distributor, according to Variety.

Reuters could not independently verify the report.

With files from CBC News and The Associated Press

https://www.cbc.ca/news/entertainment/us-netflix-warner-bros-acquisition-9.7004170

Dec. 5, 2025 "Netflix-Warner Bros deal faces antitrust pushback even as company touts benefits": Today I found this article on BNN Bloomberg:

Netflix pitched its US$72 billion acquisition of Warner Bros Discovery’s studios and streaming division as aligned with the priorities of U.S. President Donald Trump’s competition enforcers on Friday, but intense antitrust scrutiny is all but guaranteed.

Netflix executives touted the deal as 

creating jobs 

and giving the company’s 300 million subscribers “more bang for their buck” by adding more content 

at a time when the administration is focused on affordability and lower prices for consumers.

But even before it was announced, Netflix’s defense of the deal faced criticism from Republicans in Congress, who have 

warned that Netflix absorbing HBO Max and Warner Bros’ content rights 

would reduce choice for consumers 

and give the company an unacceptably high share of the streaming market.

U.S. Senator Mike Lee, a Republican from Utah who leads the Senate antitrust committee, said Wednesday that a Netflix buy of Warner Bros Discovery’s streaming assets 

“should send alarm to antitrust enforcers around the world.”

“Netflix built a great service, 

but increasing Netflix’s dominance this way would mean 

the end of the Golden Age of streaming for content creators 

and consumers,” 

Lee wrote in a post on social media site X.

Republican Senator Roger Marshall of Kansas and Representative Darrell Issa of California also called on U.S. antitrust enforcers last month to scrutinize the deal,

saying that a lack of competitive pressure would incentivize Netflix to 

shoot and release fewer movies in theaters.

The deal, given its size alone, is likely to face significant antitrust review by the U.S. Department of Justice, 

and also because the addition of HBO Max’s 128 million subscribers 

to Netflix’s more than 300 million would create a formidable player.

That said, Netflix can point to shifting media habits and the fact that 

Alphabet’s YouTube has recently been the most popular way for Americans to watch TV.

While Netflix came in with the highest bid for the studio and streaming assets, 

it has been the political underdog compared with 

David Ellison-led Paramount Skydance, 

which has close ties with the Trump administration.

“We’re highly confident in the regulatory process. 

This deal is 

pro-consumer, 

pro-innovation, 

pro-worker, 

it’s pro-creator, 

it’s pro-growth,” 

Netflix CEO Ted Sarandos said after the deal was announced.

The DOJ antitrust unit is led by Gail Slater, a former executive at Fox Corp. and Roku. She was later an economic advisor to U.S. Vice President JD Vance, and since her confirmation has spoken often on using antitrust to protect American consumers, workers and innovation.

President Donald Trump has a history of getting involved in big media mergers and weighing in on one side. 

He actively lobbied his Department of Justice to stop AT&T’s $85 billion purchase of Time-Warner, 

voicing concerns about media concentration 

and his own displeasure with Time-Warner’s CNN cable network. 

AT&T ultimately won in court in 2018 and 2019.

(Reporting by Jody Godoy; editing by Chris Sanders and Franklin Paul)

https://www.bnnbloomberg.ca/business/2025/12/05/netflix-warner-bros-deal-faces-antitrust-pushback-even-as-company-touts-benefits/