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3mo ago

Warner Bros. Discovery Bidding War Heats Up as DOJ Probes Impact on Movie Theaters

Warner has given Paramount Skydance one week for a best-and-final bid under a process that preserves Netflix’s right to match.

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Overview

  • Justice Department officials have privately met with major U.S. exhibitor chains to assess how a potential Netflix takeover could affect the number of theatrical releases.
  • Netflix has offered $27.75 per share for Warner’s studio and streaming assets, while Paramount Skydance has floated a higher proposal that could reach $31 per share and cover a $2.8 billion break fee.
  • Warner set a March 20 shareholder vote on Netflix’s proposal and reaffirmed that Netflix retains matching rights as Paramount prepares its revised bid.
  • Ted Sarandos has pledged a 45‑day exclusive theatrical window for Warner films if Netflix wins the deal but declined to formalize the commitment, drawing caution from exhibitors such as Cinemark.
  • James Cameron warned of cinema closures and job losses if Netflix buys Warner, and Sarandos countered by accusing the director of spreading a Paramount-aligned disinformation campaign while reiterating the 45‑day plan.