Netflix has definitively withdrawn from the race to acquire Warner Bros. Discovery (WBD) after its board of directors concluded that the latest offer from Paramount Skydance (PSKY) was superior and that the price needed to match it was no longer justifiable for shareholders. Victory, therefore, goes to the consortium led by David Ellison, under the shadow—and financial muscle—of his father, Larry Ellison, who put forward an offer of $31 per share, with additional incentives if the deal is delayed and even assuming the penalty for breaking with Netflix, which had made a final offer of $27.75. Pending government approval, this major media saga is nearing its conclusion.

On Wednesday, Warner Bros. Discovery's shareholders rejected Paramount's $108.4 billion hostile takeover bid, calling it an "illusory" offer. They also accused the studio giant of misleading shareholders about its financing. The board's rejection came just hours after Affinity Partners, the investment fund chaired by Donald Trump's son-in-law Jared Kushner, withdrew from Paramount's bid, which it was supposed to help finance. In early December, Netflix announced it had reached an agreement with Warner to incorporate two of the group's three pillars: the film studio division, which includes franchises such as Harry Potterand the HBO Max platform. The deal involved the purchase of shares worth €62 billion and was pending approval from competition regulators and the Department of Justice, which opens the door to political interference from Trump. Three days later, Paramount Skydance shook up the audiovisual market by submitting an offer superior to Netflix's.

One of the cornerstones of American audiovisual production is up for sale and has three suitors, two of whom have already revealed how much money they are willing to spend to acquire the Warner Bros. Discovery conglomerate. But the game isn't just about a financial auction: whoever wants to acquire the company's lucrative assets must first receive approval from the Federal Communications Commission (FCC), a regulatory body that, since Brendan Carr took over as chairman, has become one of Donald Trump's key tools of leverage.

Following Netflix's bold move regarding streaming, which three days ago announced Warner Bros. Discovery was buying for 62 billion eurosParamount Skydance, now owned by a Trump ally, hasn't remained silent. The streaming platform announced, in a statement, that it is counterattacking with a superior offer of €93 billion ($108 billion). In the statement, Paramount explains that it is offering $30 in cash per share, representing a 139% premium over Warner Bros.' share price of $12.54 as of September 10, 2025. The company also specifies that it is directly addressing Warner Bros. shareholders and urging them to reject the deal with Netflix.