Paramount began bidding in opposition to Netflix's exclusive negotiation with a tender bid of $108 billion, Bloomberg reported. Warner Bros. has 10 days to respond to the submission of the offer, after which Paramount will make its overtures directly to WBD shareholders with the option to extend its offer window at the 20-day mark, per CNBC.

If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer.

Ted Sarandos promised that the television studio will continue its business of selling shows such as Ted Lasso to Apple and The Bachelor to ABC.

Warner Bros. Discovery will first separate into two companies as announced earlier this year. Who owns HBO, and who owns networks like CNN?

Paramount’s $108.4 billion takeover led by David and Larry Ellison could give the family unprecedented control of major film studios.

While the vast majority of the focus around Hollywood will be on Netflix owning HBO, DC Studios, Harry Potter and one of the most cherished movie libraries (which one exec called like a “futuristic sci-fi movie where one place delivers all entertainment”), the deal will also essentially recreate Discovery Communications with a few more networks.

According to Netflix's official press release on Dec. 5, Warner Bros. will separate its Discovery and other traditional cable assets into a new, publicly traded company called Discovery Global. The separation is set to complete in Q3 2026, prior to the closing of the Warner Bros. Streaming acquisition, per NPR's reporting.

Netflix will start licensing Warner Bros. TV shows to competitors, including Apple TV, marking a pivot for the streaming giant into producing content for rival platforms.

Netflix just bought Warner Bros. in a $72B deal—now, Harry Potter, HBO, and DC are heading to your Netflix queue.

Warner Bros Discovery investors met Paramount chief executive David Ellison in New York on Tuesday as he tried to convince them that his company was a better bet than Netflix in the fight to control the Hollywood group.