As the Paramount Warner Bros. bidding war nears its conclusion, a new report suggests the Ellison-led Paramount Skydance bid is nowhere close to surrendering — even if Warner Bros. Discovery ultimately leans toward Netflix.
According to The New York Post, senior executives and sources close to the process say the race for WBD’s assets has become a full-blown “horse race,” a “toss up,” with “50/50” odds between the two entertainment giants.
And just in case Netflix is selected, Paramount Skydance already has a Hail Mary move locked and loaded.
Netflix May Be the Favorite — But Not by Much
Inside the WBD boardroom, speculation has intensified that Netflix has quietly become the preferred bidder, according to the Post. The news outlet notes that Netflix CEO Ted Sarandos and WBD CEO David Zaslav are considered personally close, and some members of the board reportedly believe Netflix would be a “better steward” of the studio’s assets.
A boy in a dress in Strawberry Shortcake: The Beast of Berry Bog, Rated for Children of All Ages – Netflix
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That perception alone could tilt the auction toward Netflix’s majority-cash offer — but Paramount Skydance is still pushing its own all-cash proposal for the full company, including HBO, CNN, and cable networks.
Still, insiders told the Post that the competition remains tight enough to be a “horse race” — and Skydance isn’t planning on walking away calmly.
Skydance’s ‘Plan B’: Go Straight to the Shareholders
Should the WBD board pick Netflix, Skydance’s David and Larry Ellison aren’t prepared to quietly exit. Instead, they’re preparing what sources describe as a plan “similar to a hostile bid.” The Ellisons would bypass the board entirely and appeal directly to shareholders.
Their pitch? According to the Post, they intend to argue that Netflix’s bid is destined to collapse under regulatory scrutiny. The article states that the Netflix plan is “facing rejection by President Trump’s antitrust cops” at the DOJ — and if litigated, would likely lose in federal court.
Donald Trump speaks at a rally the night before being inaugurated as the 47th President of the United States of America – YouTube, Washington Post
By contrast, the Ellisons will insist their offer is the one guaranteed to sail through regulatory approval, providing shareholders immediate payout on the whole company.
One senior executive told the Post, “Based on my conversations, the Ellisons aren’t going away quietly and are making contingency plans if they lose.”
That alone tells you everything about how aggressively Skydance plans to stay in this Warner Bros. fight.
Regulators Could Be Netflix’s Biggest Problem
Even beyond the DOJ concerns, governments overseas aren’t exactly throwing confetti at the idea of Netflix buying WBD.
A Netflix-WBD merger — which would combine the No. 1 and No. 3 global streaming services — would reportedly face “serious opposition from European regulators,” according to a government official quoted in the Post.
That’s a massive hurdle for any international deal.
The Logo for Netflix – Netflix
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Meanwhile, Trump-era regulatory officials are “less concerned” about the antitrust implications of a studio-to-studio combination like the one proposed by Paramount Skydance. That puts Skydance on firmer ground legally, something the Ellisons are using as leverage.
The Money Question: Is Netflix’s Offer Really Better?
Paramount Skydance’s current offer is around $25 per share, while Netflix may pitch an offer closer to $30 — but Skydance argues shareholders must “haircut” that number due to the time value of money.
Their reasoning is blunt: Netflix’s deal could get tied up in legal challenges for two years or more.
While that happens, WBD’s assets would continue to decline in value.
Netflix Co-CEO Greg Peters in an interview with Bloomberg – YouTube, Bloomberg Live
The longer Netflix fights regulators, the worse it gets for shareholders waiting on payout.
Skydance is positioning itself as the fast, clean option.
Even if Netflix wins now, people familiar with the Ellisons’ strategy told the Post they may simply wait for Netflix’s deal to collapse, then swoop back in — without the bidding war inflating the price.
Hardball at its finest.
Comcast Lurks in the Background… Barely
Comcast is technically still in the running, having submitted a second-round offer. But according to the Post, the company “will have to borrow” to remain competitive with the $25+ per-share offers. Even its own bankers reportedly concede Comcast is the “dark horse” in this fight.
Comcast CEO Brian Roberts sits for an interview – YouTube, Bloomberg Live
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Throw in Roberts’ notoriously strained relationship with President Trump, and the Comcast scenario becomes even less likely.
The Final Stretch in the Paramount Warner Bros. Fight
No matter who wins the Paramount Warner Bros. bidding war, the fallout will reshape the entertainment landscape — from streaming to theatrical distribution and the future of major studio competition.
Netflix wants HBO Max and Warner’s powerhouse library to stay ahead of Disney. Skydance wants the entire structure of WBD to build a formidable, vertically integrated studio machine.
And the clock is ticking. WBD could pick a winner any day now.
David Ellison in an interview with Bloomberg – YouTube, Bloomberg Podcasts
One thing, however, is unmistakably clear: Paramount Skydance is not giving up, and Netflix should not get comfortable.
If the board doesn’t choose the Ellisons today, the Ellisons plan to make sure shareholders hear from them tomorrow.
Do you think Paramount will ultimately get Warner Bros.? Sound off in the comments and let us know!
Whoever wins, we all still lose.
Umbrella.