European Union competition authorities are expected to examine rival takeover proposals for Warner Bros. Discovery from Netflix and Paramount Skydance in parallel, an unusual move that could intensify the bidding battle for the Hollywood studio.
According to media reports, the European Commission’s merger watchdog plans a head-to-head assessment because both bids are progressing on similar timelines and the companies have already held preliminary discussions with regulators.
The takeover fight puts some of the entertainment industry’s assets at stake, including DC Comics, franchises such as Friends and Batman, and the HBO Max streaming platform. Control of these assets could alter the balance of power in global media and streaming markets.
Netflix recently revised its offer to an all-cash bid of about $82.7 billion, or $27.75 per share, aiming to provide greater certainty to shareholders and accelerate the deal process. The proposal has received unanimous backing from Warner Bros. Discovery’s board.
Any transaction is expected to face antitrust scrutiny beyond Europe, with regulators in the United States and the United Kingdom also likely to assess the potential impact on competition and media consolidation.
