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EU Set to Review Rival Netflix and Paramount Skydance Bids for Warner Bros. Discovery

By  |  January 21, 2026

European Union antitrust authorities are preparing to examine competing takeover proposals for Warner Bros. Discovery at the same time, placing Netflix and Paramount Skydance in a rare side-by-side regulatory contest, according to Bloomberg. 

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    The parallel scrutiny is expected to be triggered by the similar timing of the two offers and the fact that both bidders have already begun informal discussions with the bloc’s merger watchdog, per Bloomberg.

    The battle for Warner Bros. Discovery involves some of the most recognizable brands in global entertainment, including DC Comics, the HBO Max streaming platform, and franchises spanning decades of film and television history. Industry analysts say the outcome could significantly reshape Hollywood’s competitive landscape, according to Bloomberg.

    People familiar with the situation said the overlapping reviews are now unavoidable because both deals are advancing simultaneously and have reached European regulators at roughly the same stage, per Bloomberg. A joint review process would give Brussels unusual influence over the final result, as regulators could move quickly on one proposal while extending the review of the other or attaching conditions, potentially shifting momentum in favor of one bidder.

    Netflix has intensified the contest by revising its proposal this week, switching to an all-cash bid valued at $27.75 per share, or about $82.7 billion. The company said the change was designed to speed up the process and reassure investors who had been wary of its earlier stock-and-cash structure. The updated offer has the unanimous backing of Warner Bros. Discovery’s board, according to Bloomberg.

    Read more: Netflix Goes All-Cash in $82.7 Billion Push for Warner Bros Assets as Rivalry Intensifies

    Paramount Skydance, led by David Ellison, is countering with a $30-per-share all-cash bid for the entire company. While Warner’s leadership currently favors Netflix’s offer, the streaming giant faces a more complicated regulatory path because of its dominant position in European subscription video streaming, per Bloomberg. By contrast, Paramount’s proposal could benefit if regulators view it as less threatening to competition.

    Under EU rules, large mergers that exceed sales thresholds must be reviewed by the European Commission, which is led by antitrust commissioner Teresa Ribera. Initial assessments typically last about a month, with the possibility of a more detailed 90-day investigation if concerns arise. Regulators can ultimately approve a deal, impose remedies, or block it outright, according to Bloomberg.

    Beyond Europe, any takeover of Warner Bros. Discovery is expected to face close scrutiny from authorities in the United States, the United Kingdom, and several Asian markets. The company’s plan to separate its cable networks into a different entity adds another layer of complexity to the process.

    The contest has been building for months. Paramount Skydance began pursuing Warner Bros. Discovery last fall, while Netflix entered the race after the media group signaled it was open to a sale. As regulators prepare for what could become one of the most closely watched merger reviews in years, the outcome may set a new benchmark for consolidation in the global entertainment industry, per Bloomberg.

    Source: Bloomberg