Paramount Pictures has emerged as the leading buyer of Warner Bros Discovery after presenting a massive $111 billion offer. The company proposed about $31 per share, which the board considered superior, making Netflix step away because matching the bid was financially unattractive.

The possible takeover could dramatically reshape the global entertainment industry. Paramount aims to secure major assets, including HBO, CNN, and blockbuster film franchises such as Harry Potter and Batman, giving the company stronger control over television, streaming, and cinema markets.

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Unlike Paramount’s plan to purchase the entire business, Netflix had earlier focused mainly on Warner Bros studio and streaming divisions. This difference in strategy also played a role in Netflix’s withdrawal from the competition.

If the deal proceeds, the Ellison family would gain influence over some of the most powerful media brands in the United States, including CBS News and the iconic program 60 Minutes, expanding Paramount’s media dominance.

Following the announcement, Paramount shares jumped nearly 6% in after-hours trading, lifting its market value above $12 billion in global terms. Meanwhile, Netflix shares also rose 8.5% as investors appeared relieved by the company’s exit from the expensive bidding war.

Warner Bros Discovery CEO David Zaslav expressed confidence in the merger, saying the combination could create tremendous value for shareholders and strengthen the company’s long-term growth prospects.

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However, the deal still faces serious regulatory scrutiny. Approval from US and European authorities remains essential, and California Attorney General Rob Bonta has promised a detailed review before any final approval is granted.

Industry experts believe that if completed, the acquisition could significantly change Hollywood’s competitive landscape, influencing streaming battles, film production strategies and global media ownership.