Paramount’s Latest Warner Bros Bid Faces Pushback, Keeping Netflix in the Lead
The winner of the Warner Bros bid will control key IP and help shape audience engagement in Asia’s booming streaming market.
Paramount Skydance has made a revised offer to acquire Warner Bros Discovery, but one of the studio’s largest shareholders says the proposal still falls short. The hesitation signals that the high-profile entertainment takeover remains far from settled, even as financing guarantees strengthen.
Harris Oakmark, Warner Bros. Discovery’s fifth-largest shareholder, with roughly 96 million shares, told Reuters it will not support Paramount’s current package. The investor said it expects a more compelling incentive if Paramount intends to beat Netflix in the ongoing bidding contest.
On the surface, the situation appears to be a Hollywood bidding drama. Underneath, it reveals how global streaming giants are valuing content control, franchise power, and financial certainty in a maturing digital entertainment market.
Recent APAC media consumption studies show that over 50% of Gen Z in Southeast Asia list streaming platforms as their primary source of entertainment discovery, a trend that directly influences brand partnerships, licensing, and ad inventory pricing.
Whoever wins Warner Bros will not only gain access to the flagship IP, but also influence the future of audience engagement across Asia’s booming streaming economy.
Leighton Cosseboom
Paramount Strengthens Financing, But Price Holds
Paramount recently adjusted its US$108.4 billion bid by reinforcing funding. Oracle co-founder Larry Ellison is now personally guaranteeing US$40.4 billion of the transaction, an effort to ease investor concerns about financing risk.
The company also raised its regulatory break fee to US$5.8 billion, matching Netflix, although the US$30 per share offer did not increase. That detail may be central to investor hesitation.
Questions around trusts, security structures, and long-term backstops have kept some shareholders cautious, even with Ellison’s guarantee in place.
Leighton Cosseboom
Netflix’s Lower Bid Still Viewed As Safer Bet
Despite a lower price of US$23.25 per share, the Warner Bros Discovery board has recommended Netflix’s offer instead. The board said the financing structure is more secure and includes both cash and US$4.50 in Netflix common stock, plus potential upside when Warner Bros spins off Discovery Global.
The message from the board is clear. Certainty matters more than headline valuation.
For marketers, this reinforces a trend seen in 2024 and 2025. Media buyers increasingly favor platforms with stable capital structures and predictable content pipelines. When streaming budgets tighten, consistency beats ambition.
Leighton Cosseboom
Premium IP Drives Strategic Weight
Warner Bros holds some of the most commercially resilient franchises in entertainment, including Harry Potter, The Lord of the Rings, and Superman. These assets extend far beyond films into gaming, merchandise, live experiences, and branded worlds. That reach matters in Asia, where IP monetization often lasts longer than theatrical runs.
Investors recognize that quality franchises rarely come to market. As IHT Wealth Management CIO Yussef Gheriani put it, acquiring such assets is an unusual opportunity.
Leighton Cosseboom
What Asian CMOs Should Take Away
For brand leaders, this takeover battle highlights three strategic truths.
First, control of global IP is consolidating, which means long-term access to cultural tentpoles may be determined by fewer players. Second, financing stability is becoming as important as creative vision in deciding studio ownership. Third, APAC’s streaming growth trajectory means whoever wins Warner Bros will likely compete more aggressively for Asian screen time, ad partnerships, and localized content development.
For CMOs planning campaigns around entertainment ecosystems, gaming tie-ins, collectibles, or character licensing, monitoring ownership outcomes is no longer optional. It is a forecasting input for media strategy.
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