According to information from Politico, the competition between Netflix and Paramount for the acquisition of Warner Bros. Discovery is actively unfolding in Europe. Paramount recently held a meeting with representatives of the European Commission to discuss the details of its deal with Warner Bros., which will soon be officially presented.
At the beginning of this month, Paramount's CEO David Ellison traveled to European capitals, including Paris, where he met with French President Emmanuel Macron and the culture ministers of France and the UK.
The company hopes that the support of European politicians and cultural figures will help dispel Warner Bros. shareholders' doubts about their proposal, which was previously rejected.
As part of its strategy, Paramount emphasizes its commitment to cinema and claims that it can protect the industry from Netflix. In its proposal, they promise to release at least 30 films a year for theaters and adhere to "traditional release windows."
Since the beginning of 2026, a serious battle has erupted between Netflix and Paramount for control over Warner Bros. Discovery (WBD). Netflix offered about $82.7 billion for the assets, while Paramount, in conjunction with Skydance, made a more attractive offer of $108.4 billion, aiming for a complete acquisition of the company.
According to media reports, Netflix intends to acquire the studio and streaming assets of Warner Bros. Discovery for cash, keeping the deal amount at $82.7 billion. The board of directors of Warner Bros. has already approved this Netflix proposal, while Paramount's offer to buy the company for $108 billion was previously rejected.
According to a press release, the deal between Netflix and Warner Bros. has been modified so that it will now be entirely cash-based, simplifying its structure and increasing Warner Bros. shareholders' confidence in its value, as well as speeding up the voting process.
Netflix's new offer is $27.75 per share, replacing the previous one, which included a payment of $23.25 in cash and $4.50 in Netflix shares.
The board of directors of Warner Bros. unanimously approved the new proposal from Netflix. A special shareholders' meeting to vote on the deal will take place closer to April.
Previously, Paramount's offer to acquire WBD for $108 billion was rejected. However, according to portfolio manager Alex Fitch of Harris Oakmark, the battle for Warner Bros. Discovery is not over yet. He emphasizes that the new terms of the deal confirm Netflix's serious intentions, and the expedited shareholder voting puts Paramount in a position where they need to offer more favorable terms if they want to take over the deal.
