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Netflix and Paramount Skydance have kicked off one of the wildest studio battles in recent memory, with both companies now racing to take over Warner Bros Discovery. The bids are massive, and the outcome could decide where some of the world’s most influential franchises call home for the next decade. Whoever wins takes the keys to Gotham, Westeros and a streaming catalogue that could shape modern culture for years to come.
Netflix struck an initial deal with Warner Bros Discovery on 5 December that valued each share at US$27.75 in cash and stock, for an estimated value of US$72 billion. That agreement covered Warner Bros Studios, HBO, HBO Max and the key streaming assets. It excluded CNN, TNT, Discovery Channel and the rest of the linear television networks, which Warner planned to spin off into a separate company.
Paramount entered the fray soon after with a hostile all-cash bid worth US$30 a share. The offer values Warner Bros Discovery at roughly US$108 billion, including debt. Paramount chief executive David Ellison said investors deserve the chance to consider a higher cash offer for the entire company rather than a partial carve-out. The company believes its proposal has a stronger chance of regulatory approval because Netflix holds a larger share of the streaming market.
To ease concerns about market concentration, Netflix has argued that a combined Netflix–HBO Max service could lower consumer costs through future bundles. The company has also assured Warner Bros. Discovery that it will continue to release the studio’s films in cinemas, addressing fears that the deal could reduce the number of major theatrical distributors.
Both sides have spent months laying political groundwork. Netflix co-chief executive Ted Sarandos has courted President Donald Trump at the White House and at Mar-a-Lago. Paramount has made similar efforts through Ellison, who has pointed to his family’s relationship with the president, with Jared Kushner involved through his investment firm, Affinity Partners. Trump has signalled interest in the process and suggested Netflix’s market share could be an issue for regulators.
Warner Bros Discovery now has ten days to respond to Paramount’s offer, which remains open until 8 January with the possibility of an extension. In the meantime, Warner Bros’ board has not withdrawn support for the Netflix agreement.
For now, agencies in the United States and overseas will comb through both proposals. A merger that combines the Warner Bros catalogue with either major streamer raises serious questions about market share and control of premium content, with whoever emerges from this bidding war controlling some of the most recognisable and lucrative storytelling in modern entertainment.
So, let’s take a look at what’s at stake:
Major Franchises at Stake in the Warner Bros Battle
1. Game of Thrones and the World of Westeros spin-offs
HBO’s global hit remains the most powerful fantasy brand on television. While the main series may not have stuck the landing with an ending that has gone on to be pretty widely panned, the continued success of follow-up series House of the Dragon, as well as the upcoming prequel A Knight of the Seven Kingdoms shows the staying power of George R.R. Martin’s epic.
If all of these shows were to land on Netflix, it’d definitely make for a sizeable boost of the streamers’ portfolio in the years to come. Plus, with Martin still finishing up this own version of the series (you know, the books), there’s sure to be renewed interest every time a novel is released.
2. The Lord of the Rings Movies
While Amazon owns the rights to Lord of the Rings TV series (such as The Rings of Power), the rights to Peter Jacksons’ seminal films, as well as licensing rights for future films, lie with Warner Bros. This means whoever ends up owning Warner Bros’ catalogue gets access to the full Lord of the Rings trilogy, as well as the Hobbit movies, and any future films made in this universe.
While it might seem unlike that new Middle Earth movies are likely, it’s worth remembering that The Lord of the Rings: The Hunt for Gollum is already in the works and set to land in 2027, with at least one future film already confirmed.
3. The DC Universe and Batman
Who would want the DC Cinematic Universe, I hear you say. Sure, many of the movies in DC’s recent filmic efforts have been pretty lacking, the brand has a new franchise lead in James Gunn, who already delivered one of the best DC-related films of recent memory in 2025’s Superman. A sequel is already on the way, as well as a spin-off diving deeper into Supergirl.
Beyond that, you can certainly Gunn and co. to start digging into Batman’s backstory, with a Clayface-helmed film set to launch next year. Plus, The Batman: Part II is sure to release at some point, bringing Robert Pattinson’s Bruce Wayne back to cinemas—and whatever streamer ends up with WB’s catalogue.
4. Harry Potter and the Wizarding World
Say what you will about Rowling, the Wizarding World remains a guaranteed driver of subscriptions and merchandise. TV adaptations and new projects are ready for development, including a highly anticipated TV series reboot of the film franchise led by a whole new cast of younguns.
But, in this modern age of weaponised nostalgia, what’s more lucrative: the ability to milk Harry Potter for some renewed interest, or being able to have the Daniel Radcliff-led original films ready for streaming on demand? We know what we’d rather watch.
5. Dune
As if you needed another huge fantasy epic, Dune delivers a decidedly more sci-fi spin on the traditional novel-based film series: bringing the spice-ridden world of Arakkis to the modern day. With both Dune (2021) and Dune: Part Two (2024) delivering the goods, and a third film on the way to complete the Paul Atreides-led trilogy.
Beyond this trilogy, which is set to end at the third book, Dune: Messiah, there is another *checks notes* 20 books in the series that can be adapted for the screen—small or silver. Whoever ends up with the ability to mine this spice-filled trove will have well-fleshed out stories for decades to come.
6. Mad Max
Another seminal desert-based film series, Mad Max is an Australian icon, showcasing what could happen should our world utterly turn to shit. From the humble origins of Mel Gibson’s acting career back in the 1979 original, all the way to the absolutely incredible Mad Max: Fury Road in 2015 and George Miller’s follow-up in Furiosa, the Mad Max series delivers a long-list of amazing, sometimes cheesy but always enjoyable post-apocalyptic-outback action flicks.
There is another Mad Max idea in the concept stages, called Mad Max: The Wasteland, so fingers crossed we get to see what Miller has cooking. Witness me!
7. Rick and Morty
Few adult cartoons have straddled multiple demographics and captured the modern zeitgeist like this one here. With the universe literally at their disposal, an alcoholic genius named Rick and his grandson Morty traverse time and space to consistently hilarious effects. While the removal of the show’s creator, Justin Roiland, stirred up some concerns about its quality moving forward, new seasons have released to solid reviews, and the new voice actors of Rick and Morty, Harry Belden and Ian Cardoni, did a fantastic job.
There’s a lot of life left in this this series, but even the ability to stream it’s massively influential prior seasons will bring a lot of good to whoever ends up with WB’s lineup.
8.…And More
Beyond huge franchises, there’s a lot of smaller, but still well-received series on the table:
HBO Originals: Succession, The White Lotus, Industry and an extensive library of prestige television are up for grabs in the deal.
Warner’s deep back catalogue of classic shows: Friends, The Big Bang Theory, The Sopranos and The Wire. These titles remain evergreen and keep subscribers glued to a platform.
Cartoon Network, Adult Swim: A combined universe that includes Adventure Time, Regular Show, The Powerpuff Girls, and Samurai Jack. It’s a cult and kids’ powerhouse with strong licensing potential.
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