European Union competition authorities are preparing to assess rival takeover proposals for Warner Bros. Discovery from Netflix and Paramount Skydance at the same time, an unusual move driven by the near-identical timing of the bids and their parallel engagement with regulators. According to Bloomberg, both transactions have reached the European Commission at a similar stage, making overlapping reviews unavoidable. The deals involve major entertainment assets, including DC Comics and the HBO Max streaming service, and analysts say the decision could reshape competitive dynamics in film and television. A concurrent process would give Brussels significant leverage, allowing regulators to accelerate one review while extending or conditioning the other, potentially influencing which bidder gains momentum.
Netflix has strengthened its position by revising its offer to an all-cash proposal of about $82.7 billion, or $27.75 per share, a move the company said was “designed to speed up the process and reassure investors,” according to Bloomberg. Warner Bros. Discovery’s board has unanimously endorsed that bid. Paramount Skydance, led by David Ellison, has responded with a higher all-cash offer of $30 per share. While Warner’s management currently favors Netflix, regulators may view Paramount’s bid as posing fewer competition risks in Europe, where Netflix already holds a strong streaming presence. Beyond the EU, the transaction is expected to face scrutiny in the U.S., the UK, and Asia, adding further complexity to one of the most closely watched merger reviews in years.
