After losing its bid for Warner Bros Discovery’s rich trove of characters and stories, Netflix is forging ahead with the challenging work of building culture-defining franchises on its own.
Chief Creative Officer Bela Bajaria said Netflix would keep investing in original ideas, and partner with established studios like MGM and Warner Bros, to try and produce movies and series that live on for years, in the vein of “Stranger Things,” “Wednesday” and “Bridgerton.”
“To me, that&#8217;s just continually the goal,” Bajaria said in an interview.
Yet the failed attempt to buy Warner Bros&#8217; storied movie studio and HBO highlighted a vulnerability for the relative Hollywood upstart, whose catalog of original films and series spans around a dozen years, compared with more than a century&#8217;s worth of stories and characters for Warner Bros, Walt Disney and Universal Pictures. Netflix was willing to make its biggest bet ever with $72 billion to shore up its library and augment its intellectual property with Harry Potter and “Game of Thrones,” because creating franchises has proven challenging.
Interviews with 16 current and former Netflix executives, industry leaders and agents illustrate a picture of the streaming giant whose strategy of making something for everyone, and serving many audiences all at once, is different from crafting a Taylor Sheridan-like universe of “Yellowstone” spin-offs that brings a built-in audience.
Even so, Netflix&#8217;s own prolific showrunner, Shonda Rhimes, has successfully adapted Julia Quinn&#8217;s &#8220;Bridgerton&#8221; novels into a series that&#8217;s entering its fifth season, a spinoff and a touring event set in the Regency-era London, dubbed &#8220;The Queen&#8217;s Ball.&#8221;
Franchises can be valuable for entertainment companies, because they are lower-risk investments that can bring in ancillary revenue through merchandise sales and in-person experiences. Recognizable characters and stories also stand out in a fragmented media landscape, grabbing a viewer&#8217;s attention in a time of myriad distractions.
Netflix announced its first major acquisition, the comic book publisher Millarworld, a day before Disney told investors in August 2017 that it would pull its movies from the streaming service to create a rival, later dubbed Disney+.
“Stranger Things” has been an unqualified success, producing a spin-off series, a stage play, and merchandise. Netflix points to other examples, such as the action-adventure film &#8220;Extraction,&#8221; starring Chris Hemsworth, that led to a sequel and a third installment in production, as well as a series starring acclaimed French actor Omar Sy. Its long-running dating show &#8220;Love Is Blind&#8221; has been remade for multiple global audiences, including versions centered in Brazil, France and Japan.
There have been pricey flops along the way to building its own franchises, like the reported $700 million deal to acquire rights to Roald Dahl’s catalog, which includes such beloved children’s stories as “Charlie and the Chocolate Factory.” The investment has yet to produce a major hit in five years &#8212; though Netflix will try again this year. It plans a Willy Wonka-inspired reality show called “Golden Ticket&#8221; in which competitors try to survive games and temptations on a set with a chocolate river.
Producing consistent hits that spawn new series helps to attract and retain subscribers and increase engagement, which grew by only 2% in the second half of 2025, according to media consultant Owl &amp; Co. Top-line growth has been slowing, with revenue expected to grow 13% this year, according to data from LSEG, compared to 16% in 2025, and its advertising sales represent only 3% of the total. YouTube’s ascendancy poses a competitive threat. YouTube and Disney, with its vault of iconic characters, have consistently beaten Netflix in share of television viewing since October 2024, according to Nielsen&#8217;s media distributor gauge, which measures broadcast and cable television viewing and streaming.
Complicating matters, Paramount Skydance is acquiring Warner Bros, which could reduce the number of suppliers of original shows.
Armed with a $2.8 billion windfall from the failed Warner Bros deal, Netflix Co-CEOs Ted Sarandos and Greg Peters will continue to go it alone. Its coming releases include time-tested characters and stories, including a live-action “Scooby-Doo” series and a “Narnia” movie based on the C.S. Lewis books and directed by Greta Gerwig.
“The Electric State” offers one example of an expensive failure that illustrates the inherent risks in attempting to launch a sprawling Marvel-like cinematic universe.
Netflix snagged Joe and Anthony Russo, the brothers behind the smashing success of Walt Disney’s Avengers movies and Netflix&#8217;s own &#8220;Extraction,&#8221; to adapt the critically acclaimed science-fiction novel, and cast “Stranger Things” star Millie Bobby Brown alongside Hollywood A-lister Chris Pratt as stars.
Critics savaged the $320 million film when it was released last year. Plans to more fully exploit the film &#8212; including a possible spin-off series and sequels &#8212; never materialized, according to two sources directly involved with the project who requested anonymity to protect their industry relationships.
“A lot of people have big movies that also are IP that don&#8217;t work,” said Netflix&#8217;s Bajaria. &#8220;We&#8217;re in the film and TV business, so a lot of things work, a lot of things don&#8217;t work.&#8221;
Other gambles &#8212; such as Netflix&#8217;s decision to greenlight &#8220;Squid Game,&#8221; a dystopian thriller from creator Hwang Dong-hyuk that others had passed on &#8212; paid off handsomely, creating a global juggernaut.
With the sheer volume of content, Netflix also has its share of surprises, like Sony Pictures Animation&#8217;s Oscar-winning animated film ”KPop Demon Hunters,” which last year became the most watched movie ever on the service.
When lightning strikes, it can rely on its unparalleled global distribution and sophisticated algorithm to stoke enthusiasm for a movie or series that viewers have begun to binge, helping to create cultural phenomena.
Netflix is treating &#8220;KPop Demon Hunters&#8221; as its next major franchise, with licensed toys and other merchandise from Mattel and Hasbro, themed “adult” meals from McDonald’s, a possible concert tour and a planned animated sequel.
But the success caught Netflix off guard, according to two sources. In fact, the company didn’t have licensed toys available to capitalize on the phenomenon during the holiday shopping season. Netflix has said in interviews that it approached toymakers and retailers a year or more ahead of the film&#8217;s release, but they were unwilling to take a risk on an untested property.
At a March 18 presentation in Los Angeles, Netflix showcased its 2026 lineup, which includes a fourth installment of “Bridgerton,”  a second season of “One Piece,” an adaptation of the long-running manga series, a live-action TV series based on the “Assassin’s Creed” video game franchise, and a reboot of “Little House on the Prairie.”
“We&#8217;re off to a strong start and feeling confident about the quality and consistency of our slate this year,” said Jinny Howe, vice president of original series at Netflix.
(Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Editing by Jen Saba and Anna Driver)

Squid Game

Netflix Searches For Franchises After Losing Out On ‘Harry Potter’

Movies

Netflix

U.S.

Warner Bros

“Supergirl” star Milly Alcock is already facing pushback after preemptively blaming potential criticism of the film on misogyny. 
The remarks have drawn comparisons to Rachel Zegler&#8217;s pre-release comments ahead of Disney&#8217;s &#8220;Snow White,&#8221; which sparked similar backlash.
Fans are calling out Alcock for her recycled feminist arguments after her recent <a href="https://www.vanityfair.com/hollywood/story/milly-alcock-vanities">interview</a> with Vanity Fair. 
“It definitely made me aware that simply existing as a woman in that space is something that people comment on,” the 25-year-old actress said when asked about the “inevitable backlash” she’d face. 
“We have become very comfortable having this weird ownership of women’s bodies. I can’t really stop them. I can only be myself,” Alcock added.
Alcock assumed people wouldn’t like the movie because she’s a woman, but her description of the plot points to a different criticism fans have raised. She said her character, Kara Zor-El/Supergirl, is “given this incredible responsibility and doesn’t know how to deal with it.” 
“She’s not trying to save the world—she’s just trying to save her own,” Alcock told Vanity Fair. “This film is an excellent reminder that the world can be crumbling around you, but you can be the hero of your own story.”
The interview inspired many negative reactions on social media, with critics calling out Alcock for complaining about backlash that hadn’t even happened yet.
“These movies are so bad that they have to start attacking the fans before the movie even comes out,” one person <a href="https://x.com/newspolitics/status/2039035489760460880?s=43">observed</a>.
“Actors really need to go back to just promoting the movie and staying away from anything else, because this type of discourse does nothing but harm its chances,” another person <a href="https://x.com/reviewsdino2/status/2039357302365446654">agreed</a>.
“I suspect she&#8217;ll face backlash about ‘simply existing’ in a movie that doesn&#8217;t look interesting and which is part of a cinematic universe that&#8217;s already struggling with the disinterest of general audiences following a lackluster Superman and various TV shows that few people even noticed happened… but saying it&#8217;s ‘simply existing as a woman’ certainly works better for generating some sort of buzz,” a third commenter <a href="https://x.com/HarfangDneiges/status/2039323848621916611">wrote</a>. 
Another comment <a href="https://x.com/RecruitBoss/status/2039048717525762381">noted</a>, “This is called pre-release critical armor. Any criticism of this movie will be branded as sexist or misogynistic. They use race and gender as critical armor to protect their poorly written scripts from legitimate criticism.”
Zegler became a legend following the disastrous release of Disney&#8217;s &#8220;Snow White&#8221; in 2025. The movie was bad, but additionally, the lead actress made it all worse by disparaging fans and the original storyline ahead of its release. The negative press for Zegler is believed to have contributed to the abysmal box office results.
The “Supergirl” description from Warner Bros. says, “When an unexpected and ruthless adversary strikes too close to home, Kara Zor-El, aka Supergirl, reluctantly joins forces with an unlikely companion on an epic, interstellar journey of vengeance and justice.”
The film opens in theaters nationwide on June 26.

Milly Alcock

Another ‘Snow White’? The Fight Superhero Star Picks With Fans Before Movie Hits Theaters

Box Office

Celebrities

Entertainment

Feminism

Spend five minutes on social media and you might think the conservative movement is falling apart.
Republicans are arguing about a lot these days, from foreign policy to strategy for the next election.
Healthy debate is part of politics. But while those arguments dominate the headlines, something far more significant is happening quietly in the background.
Conservatives are starting to win the culture war again.
And the recent collapse of the proposed <a href="https://www.reuters.com/legal/litigation/warner-bros-signs-110-billion-deal-with-paramount-ends-bidding-war-with-netflix-2026-02-27/">Netflix–Warner Bros. Discovery deal</a> is a perfect example.
Netflix <a href="https://www.reuters.com/business/media-telecom/netflix-taps-bank-explore-bid-warner-bros-discovery-2025-10-30/">sought</a> to absorb the company, which would have created an even larger streaming giant with massive influence over what Americans watch and, increasingly, what messages they are expected to absorb.
Hollywood and the streaming industry no longer just produce entertainment. They shape culture. They shape narratives. And for years, many of these institutions have leaned heavily into progressive activism and the kind of <a href="https://www.reuters.com/business/media-telecom/disney-ceo-asked-if-company-is-too-woke-says-it-will-cater-audience-2022-10-26/">“woke” messaging</a> that <a href="https://www.pewresearch.org/journalism/2020/01/24/u-s-media-polarization-and-the-2020-election-a-nation-divided/">alienates</a> millions of Americans who simply want to enjoy a movie or television show without being lectured.
Then the political pressure began.
President Trump publicly opposed the merger. Conservative voices <a href="https://www.theguardian.com/media/2026/feb/03/senate-netflix-warner-bros-discovery-merger">raised concerns</a> about media consolidation and about expanding the power of cultural institutions that already lean heavily to the Left.
Suddenly, what looked like a routine corporate deal became something else entirely — a <a href="https://www.reuters.com/business/media-telecom/trump-says-he-will-stay-out-netflix-paramount-fight-over-warner-bros-2026-02-05">cultural flashpoint.</a>
And in late February, <a href="https://www.reuters.com/legal/litigation/warner-bros-signs-110-billion-deal-with-paramount-ends-bidding-war-with-netflix-2026-02-27/">the deal collapsed.</a>
Even more interesting is what happened next. Paramount, another bidder — backed by Larry Ellison, one of the most outspoken <a href="https://www.reuters.com/article/business/factbox-oracle-chairman-larry-ellisons-history-of-support-for-trump-idUSKBN2652RV/">pro-Trump voices</a> in American business — stepped forward.
That’s not just a business development. It’s a signal.
For years, conservatives were told the culture war was unwinnable. Hollywood was too powerful. Silicon Valley was too dominant. Corporate America had permanently aligned itself with <a href="https://www.reuters.com/breakingviews/corporate-america-is-caught-dei-ratchet-2025-02-21/">progressive politics</a>.
The message from the Left was simple: accept it.
But over the past few years, conservatives discovered something important: pressure works.
Bud Light learned that lesson the hard way. A <a href="https://apnews.com/article/bud-light-anheuser-busch-inbev-earnings-46b6412f84b5e8884caea941fc069d2f">tone-deaf marketing campaign</a> sparked one of the most successful consumer boycotts in modern American history. Billions in market value evaporated and one of the country’s most recognizable brands suffered lasting damage.
Cracker Barrel experienced <a href="https://apnews.com/article/cracker-barrel-logo-trump-8b496da282deef3d8d0618c3f9f4db46">similar backlash</a> when customers pushed back against progressive messaging that had little to do with serving breakfast.
Now Netflix is feeling that same pressure.
For years, corporate executives believed they could align openly with progressive activism without facing real consequences. Diversity bureaucracies <a href="https://www.reuters.com/world/us/factbox-us-companies-drop-diversity-policies-after-trumps-order-2025-02-27">expanded</a>. Political messaging crept into advertising campaigns, entertainment content, as well as <a href="https://www.reuters.com/business/media-telecom/disney-investors-reject-proposal-withdraw-hrcs-diversity-index-2025-03-20/">corporate statements</a>.
The assumption was that conservatives might complain, but they would keep buying the product.
That assumption is no longer safe.
Businesses respond to incentives. They always have.
When conservative consumers stay quiet, companies drift Left. When conservative consumers push back, companies suddenly <a href="https://www.reuters.com/business/retail-consumer/bud-light-loses-top-us-beer-spot-after-mulvaney-ad-boycott-2023-06-14/">start reconsidering their strategy</a>.
The Biden years showed what happens when one side dominates the cultural conversation. Progressive activists shaped corporate messaging. DEI programs spread rapidly across major institutions. Hollywood and streaming companies increasingly <a href="https://www.reuters.com/business/media-telecom/disney-ceo-says-company-will-quiet-noise-culture-wars-analyst-2023-09-20/">reflected the worldview of a narrow ideological class</a> in Los Angeles and Silicon Valley.
How many culture-war victories did conservatives get during those years? Not many.
But elections change incentives. President Trump’s election sent a clear signal: the cultural dominance of the Left was no longer inevitable.
Corporate leaders began to realize that tens of millions of Americans were no longer willing to be dismissed or mocked by the cultural institutions that dominate entertainment and media.
Does this mean conservatives suddenly control Hollywood? Of course not. The entertainment industry will remain overwhelmingly liberal for the foreseeable future.
But the dynamic has changed.
For the first time in a long time, the cultural institutions that shape American entertainment are being <a href="https://www.reuters.com/business/media-telecom/disney-ceo-says-company-will-quiet-noise-culture-wars-analyst-2023-09-20/">forced to recognize</a> that half the country will no longer sit quietly while those institutions push politics into every corner of popular culture.
That recognition alone represents a major shift.
Conservatives win when they stay engaged. When they vote. When they speak up. And when they refuse to accept the idea that <a href="https://www.pewresearch.org/journalism/2020/01/24/u-s-media-polarization-and-the-2020-election-a-nation-divided/">cultural power belongs exclusively to elites in Hollywood</a>, Manhattan, and Silicon Valley.
The culture war isn’t decided in one election or one corporate deal. It’s a long struggle over the values that shape American life.
But corporate America is beginning to understand something it ignored for years: pressure works.
Bud Light <a href="https://apnews.com/article/bud-light-anheuser-busch-inbev-earnings-46b6412f84b5e8884caea941fc069d2f">learned it.</a> Cracker Barrel <a href="https://apnews.com/article/cracker-barrel-logo-trump-8b496da282deef3d8d0618c3f9f4db46">learned it.</a> And now Netflix is learning it too.
* * *
Jason Chaffetz served as a member of the U.S. Congress from 2009 to 2017. He chaired the House Oversight Committee.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Elon Musk Urges X Followers To Cancel Netflix Subscriptions Over Controversial Animated Show

The Lesson Corporate America Keeps Learning The Hard Way

Business

Conservatives

Corporations

Hollywood

Leftists

Paramount

Woke Culture

Netflix co-CEO Ted Sarandos gave his first interview since the company pulled out of their deal to acquire Warner Bros., saying contrary to the rumors, it wasn’t President Trump’s influence that killed the merger.
The entertainment exec called the competing offer from Paramount “irrational” and claimed he had no regrets about how it all played out. Sarandos said it came down to having a set price amount they weren’t willing to go beyond and being outbid by David Ellison’s rival offer.
“We had a very tight range that we’d be willing to pay and made that offer back when we closed this deal,” Sarandos told Lucas Shaw of Bloomberg in an <a href="https://www.bloomberg.com/news/articles/2026-02-27/how-netflix-forced-paramount-to-cough-up-more-for-warner-bros?cmpid=screentime&amp;utm_campaign=screentime&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=260301&amp;embedded-checkout=true">interview</a> published Saturday. “I’m happy where we got in and happy where we got out.”
Rumors swirled that the Department of Justice may have influenced the breakdown, or that Trump himself may have had sway. But Sarandos said those narratives are false.
“I don’t know that there was growing political resistance,” the Netflix exec said. “It was a growing narrative of political resistance. But we were on a normal regulatory path. … This story has been fed out for everybody, but it’s just not accurate. We were not only involved with the DOJ, we were involved with 50 regulatory bodies around the world. These things have been going exactly the way they should.”
Sarandos told Shaw that Trump “stayed completely neutral on this.”
“The truth of it is, someone was going to lose it for a dollar,” Sarandos said of the deal. “And the quicker you accepted that, the better.”
Shaw described Paramount as being an “unusual other buyer,” which Sarandos agreed with.
“Unusual, yeah, unusual, irrational, whatever words you want to use in that,” he replied. “It’ll be fascinating to see the next steps. I have been on the record a lot in the last two weeks talking about what I think the future looks like. I’m confident in our future that we’re not impacted by all that. In fact, maybe it’s to our advantage. But I hope I’m wrong for the sake of the industry.”
Warner Bros. agreed in December to an $82.7 billion deal with Netflix. Paramount responded with several hostile takeover bids over the following months, culminating in a surprise twist as the streaming giant bowed out in February.
“&#8230;this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” Sarandos and Netflix co-CEO Greg Peters said in a statement at the time, as The Daily Wire previously <a href="https://www.dailywire.com/news/netflix-backs-down-in-fight-for-warner-bros-leaving-paramount-inches-from-victory">reported</a>.

Ted Sarandos

Netflix CEO Sets Record Straight On Trump Rumors After Warner Bros. Deal Fizzles

Concerned Women for America, the nation’s largest public policy organization for women, is urging the Justice Department to block Netflix’s planned acquisition of Warner Bros. Discovery.
The organization shared a copy of the letter exclusively with The Daily Wire on Thursday morning. It raises concerns about Netflix’s transparency with families and a lack of clarity in how it applies age-based ratings and content disclosures to programs marketed to children.
The letter from CWA also argued that the proposed merger “threatened competition and the public interest.” 
It pointed out that television viewership has changed and said streaming platforms have enormous sway over the viewing public, but are at the same time less regulated.
“By absorbing Warner Brothers’ extensive content library and distribution assets, Netflix would surpass the 30% market share threshold, making it a presumptive monopoly, and giving it unprecedented dominance in the streaming ecosystem,” the letter says. “Allowing such consolidation would reduce competition, harm consumers, and create a structural imbalance that would be exceptionally difficult to reverse, especially in view of the absence of a dedicated regulatory authority for streaming.”
CWA President and CEO Penny Nance wrote in the letter that Netflix has been notoriously vague about content marketed to children. The organization cited a December study finding that one-third of all Netflix shows rated for children include LGBT characters, themes, or messaging, with that percentage jumping to 41% for TV-G and TV-Y7 categories, as The Daily Wire previously <a href="https://www.dailywire.com/news/preschool-propaganda-study-finds-41-of-netflix-kids-shows-include-lgbt-themes">reported</a>.
Nance argued that if the Justice Department did not block the merger, it should, at a minimum, “secure concrete, enforceable commitments and publish clear public‑interest expectations for streaming platforms,” including third-party ratings, clearer content labels, including for LGBT material, enhanced child-protective settings, and frequent audits.
In a written statement to The Daily Wire, Nance said she does not believe a potential acquisition involving Paramount would raise the same concerns as the proposed Netflix deal.
&#8220;Our concerns with Netflix stem mainly from its lack of transparency around content ratings, given that children&#8217;s programming has a large amount of LGBTQ content that is not disclosed to parents,” Nance said. “Paramount does not wield the same market influence as Netflix. The DOJ must reject Netflix&#8217;s bid for Warner Bros.”
Warner Bros. agreed in December to an $82.7 billion deal with Netflix. Since then, Paramount has submitted several hostile takeover bids in an effort to block the agreement, though none have succeeded.
Warner Bros. Discovery is <a href="https://www.wbd.com/news/warner-bros-discovery-board-directors-determines-revised-proposal-paramount-skydance-could">currently reviewing</a> Paramount Skydance&#8217;s latest offer: $31-per-share cash. It includes a $7 billion regulatory termination fee and coverage of their $2.8 billion breakup fee with Netflix.

Entertainment Industry Workers Vote To Strike, Threatening Hollywood Productions

Conservative Women Expose Netflix Kids Content – How The Trump Admin Could Step In

Warner Bros Discovery is considering reopening sale talks with rival Hollywood studio Paramount Skydance after receiving its hostile suitor&#8217;s most recent amended offer, Bloomberg News reported on Sunday, citing people with knowledge of the matter.
Members of Warner Bros&#8217; board are discussing whether Paramount could offer the path to a superior deal, the Bloomberg report said, adding that the board has not decided how to respond and may stick to the current deal with Netflix.
Reuters could not immediately verify the report. Paramount, Warner Bros and Netflix did not respond to requests for comment.
Paramount had enhanced its Warner Bros bid last week by offering shareholders extra cash for each quarter the deal fails to close after this year. It also agreed to cover the breakup fee the HBO parent would owe Netflix if it walked away, even though the CBS owner did not raise its per-share offer.
Paramount said it has offered shareholders a 25-cent-per-share quarterly &#8220;ticking fee&#8221; (about $650 million) in cash starting in 2027 until closing and agreed to cover Warner Bros’ $2.8 billion breakup fee to Netflix. However, it did not raise its $30-per-share offer, valuing the deal at $108.4 billion including debt.
Both Netflix and Paramount covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as &#8220;Game of Thrones,&#8221; &#8220;Harry Potter&#8221; and DC Comics superheroes Batman and Superman.
Activist investor Ancora Holdings, which has built a nearly $200 million stake, last week said it plans to oppose the Netflix deal, arguing the board did not sufficiently engage with Paramount over its rival bid, which includes cable assets like CNN and TNT.
(Reporting by Chandni Shah in Bengaluru; Editing by Chris Reese and Matthew Lewis)

In this photo illustration, the Warner Bros Discovery logo

Warner Bros Weighs Reopening Sale Talks With Paramount, Bloomberg Reports

Media

Cleveland-based wealth management firm Ancora Holdings, a company with a $200 million stake in Warner Bros, is reportedly urging the company to reconsider the acquisition offer from Paramount.
Warner Bros. accepted a massive deal from Netflix worth $82.7 billion, as The Daily Wire previously <a href="https://www.dailywire.com/news/netflix-to-acquire-warner-bros-in-massive-billion-dollar-deal">reported</a> in December. Paramount has since submitted a hostile takeover bid in an effort to subvert the Netflix deal. That all-cash offer, the sixth made by the entertainment company, included the acquisition of the entire business at $30 per share.
Now Ancora Holdings is weighing in, saying Warner Bros. failed to properly evaluate and consider the Paramount Bid, per <a href="https://www.wsj.com/business/deals/activist-investor-pushes-warner-to-walk-away-from-netflix-deal-0bbe663e?mod=hp_lead_pos1">The Wall Street Journal</a>. The outlet noted that Ancora emailed Warner Bros. CEO David Zaslav on Tuesday to say they were considering a proxy fight if the board failed to negotiate the best deal.
The WBD board “now has no choice but to deem Paramount’s amended offer as one that could reasonably be expected to result in a Superior Proposal, given Netflix’s presently inferior proposal and unaddressed regulatory issues. Once that happens, the Board could then engage in good faith with Paramount to maximize shareholder value, paving the way for WBD to secure an even higher offer. If the WBD Board refuses to do this, Ancora will vote “NO” on the inferior Netflix deal and seek to hold the WBD Board accountable,” the firm said in a <a href="https://ancora.s3.us-west-1.amazonaws.com/Ancora's+Case+for+Voting+%E2%80%9CNO%E2%80%9D+on+the+Currently+Proposed+Netflix-WBD+Merger.pdf">presentation</a>.
“The WBD Board opted to rush into a flawed deal with Netflix rather than earnestly pursue a superior offer from Paramount – in line with the directors’ fiduciary duties,” the presentation said.
While Ancora has less than 1% ownership, they are planning to continue buying shares and would potentially influence other shareholders.
“WBD’s experienced and independent Board and management team have a proven track record of acting in the best interests of the Company and shareholders – as evidenced by the extensive actions they have taken to unlock the full value of WBD’s unmatched portfolio of assets over the last year,” WBD said in a statement on Wednesday.
“We remain resolute in our commitment to maximize value for shareholders.”
Paramount revised its hostile offer this week to include paying the $2.8 billion termination fee Warner Bros. would owe Netflix if the deal were called off.
The original hostile takeover bid rejection was unanimous by the board, Warner Bros. previously stated.

Investor Urges Warner Bros. To Consider Paramount Deal, Reject Netflix

Netflix CEO Ted Sarandos dispelled rumors that he would shorten theatrical release times after the streaming giant acquires Warner Bros.
The entertainment exec said as much during an <a href="https://www.nytimes.com/2026/01/16/business/media/ted-sarandos-netflix.html">interview</a> with The New York Times published Friday.
“When this deal closes, we will own a theatrical distribution engine that is phenomenal and produces billions of dollars of theatrical revenue that we don’t want to put at risk. We will run that business largely like it is today, with 45-day windows,” Sarandos told the outlet.
“I’m giving you a hard number. If we’re going to be in the theatrical business, and we are, we’re competitive people — we want to win. I want to win opening weekend. I want to win box office,” he added.
Sarandos went on to say that “a lot of assumptions” that Netflix execs had about Warner Bros. weren’t true.
“The general economics of the theatrical business were more positive than we had seen and we had modeled for ourselves. It’s a healthy, profitable business for them. We weren’t in that business not because we hated it. We weren’t in that business because our business was doing so well.”
Netflix’s anticipated acquisition of Warner Bros., which would include its film and television studios, HBO Max, and HBO, is valued at $82.7 billion. Industry insiders and fans have pushed back on the merger, saying it could deal a huge blow to movie theaters. Rumors started circulating that Netflix planned to shorten theatrical release times from 45 days to just 17 days, similar to what Universal does for some of its releases.
Sarandos told NYT that he anticipated this type of response. “I think [the backlash] was a lot of loud voices, but not necessarily a lot of them,” the Netflix CEO said. “I think a lot of it was folks who questioned, rightfully so, our intent with theatrical because we hadn’t said anything about it. A lot of it was the emotions around that more than anything else.”
During the same interview, Sarandos addressed comments he made in 2025 about theaters being “outmoded” for people outside of large cities.
“You have to listen to that quote again. I said ‘outmoded for some.’ I mean, like the town that ‘Sinners’ is supposed to be set in does not have a movie theater there,” he said. “For those folks, it’s certainly outmoded. You’re not going to get in the car and go to the next town to go see a movie. But my daughter lives in Manhattan. She could walk to six multiplexes, and she’s in the theaters twice a week. Not outmoded for her at all.”

Netflix CEO Says He Won’t Shorten Theatrical Releases Following Warner Bros. Acquisition

Movie Theaters

Warner Bros. Discovery has formally rejected the hostile takeover bid from Paramount amid their merger deal with Netflix, dubbing the proposed terms “inferior” to the Netflix partnership.
“Your Board negotiated a merger with Netflix that maximizes value while mitigating downside risks, and we unanimously believe the Netflix merger is in your best interest. We are focused on advancing the Netflix merger to deliver its compelling value to you,” the board wrote in a letter to shareholders Wednesday morning, per <a href="https://variety.com/2026/tv/news/warner-bros-discovery-rejects-paramount-skydance-ellison-latest-takeover-offer-1236624282/">Variety</a>.
The letter further stated that the Paramount offer “is not more favorable to WBD stockholders than the Netflix Merger and continues to be inadequate,” because of “insufficient value, taking into account price and numerous risks, costs and uncertainties.” 
The decision to reject the bid was said to be unanimous. This was the sixth offer made and rejected by Paramount.
“The Offer is entirely at [Paramount]’s discretion – [Paramount] can reduce the price, impose new conditions, or walk away entirely at any time prior to its acceptance of tendered shares,” Warner Bros. said of the proposal.
Paramount announced their latest bid days after the Netflix deal was announced in December.
“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” Paramount Chairman and CEO David Ellison said in a statement at the time, as The Daily Wire previously <a href="https://www.dailywire.com/news/paramount-launches-hostile-takeover-bid-for-warner-bros-days-after-netflix-deal-announced?author=Amanda+Harding&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Paramount+Launches+Hostile+Takeover+Bid+For+Warner+Bros.+Days+After+Netflix+Deal+Announced">reported</a>. 
“We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction.”
President Trump remarked on the Netflix deal in December, saying it “could be a problem” from an antitrust standpoint. The president also mentioned being “involved” in reviewing the deal. The proposed merger has had bipartisan pushback from skeptics who warn it could turn into a “nightmare” for consumers and creatives. 
Many critics also worry that it could destroy the theater industry, as rumors persist that Netflix will push for a shorter theatrical release window for major films. Per <a href="https://www.avclub.com/netflix-warner-bros-17-day-theatrical-amc">reports</a>, the timing could be shortened to as little as 17 days, drastically reducing the industry standard of a 30 to 45-day delay before movies arrive on streaming services.

Warner Bros.

Warner Bros. Rejects ‘Inferior’ Paramount Hostile Takeover Bid, Chooses Netflix

Warner Bros. Rejects 'Inferior' Paramount Hostile Takeover Bid, Chooses Netflix

Warner Bros Discovery will likely reject Paramount Skydance&#8217;s amended $108.4 billion hostile bid for the storied Hollywood studio despite a personal guarantee from billionaire Larry Ellison backing the media giant&#8217;s offer, according to a person familiar with the matter.
The board has yet to make a final decision, but is expected to meet next week, said the person, who requested anonymity to discuss internal deliberations.
Warner Bros and Paramount declined to comment on the board&#8217;s position, reported earlier by CNBC.
The decision could keep Warner Bros on track to pursue a rival cash-and-stock deal with Netflix despite Paramount&#8217;s attempt to sweeten its offer.
Ellison, whose son David is chairman and CEO of Paramount, personally guaranteed the equity underpinning the bid, hoping to ease doubts that had dogged its earlier proposal.
The company did not increase its $30-per-share all-cash offer, but it raised its regulatory reverse termination fee to match Netflix and extended its tender offer deadline.
Netflix&#8217;s $82.7 billion offer, while lower in headline value, offers a clearer financing structure and fewer execution risks, analysts have said.
Under terms of that agreement, Warner Bros would face a $2.8 billion breakup fee if it walks away from the Netflix deal.
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Harris Oakmark, Warner Bros&#8217; fifth largest investor with 96 million shares, said the revised offer wasn&#8217;t &#8220;sufficient,&#8221; and noted that it was not enough to cover the breakup fee.
Paramount has argued its bid would face fewer regulatory obstacles. A combined Paramount-Warner Bros entity would create a studio larger than industry leader Disney and merge two major television operators.
Warner Bros&#8217; board previously urged shareholders to reject Paramount&#8217;s $108.4 billion bid for the entire company, including its cable television assets, citing concerns over financing certainty and the absence of a full guarantee from the Ellison family.
Paramount has argued its offer is more market-proof than Netflix&#8217;s $82.7 billion proposal, whose value has fluctuated with Netflix&#8217;s share price.
Lawmakers from both parties have raised concerns about further consolidation in the media industry. U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition.
(Reporting by Akash Sriram in Bengaluru; Editing by Dawn Kopecki, Krishna Chandra Eluri, Anil D&#8217;Silva and David Gregorio)

Warner Bros Likely To Reject Paramount’s Latest Hostile Bid, Source Says

Economy

Oracle co-founder Larry Ellison has stepped in to personally guarantee $40.4 billion in Paramount Skydance&#8217;s latest effort to pry Warner Bros Discovery away from selling its prized Hollywood assets to streaming giant Netflix.
The guarantee, disclosed in a filing on Monday, seeks to allay the Warner Bros board&#8217;s doubts about Paramount&#8217;s financing and the lack of full Ellison family backing, which had pushed it toward the competing cash-and-stock offer from Netflix.
Here&#8217;s what analysts and market experts are saying about the latest development:
SETH SHAFER, PRINCIPAL ANALYST AT S&amp;P GLOBAL, NASHVILLE, TENNESSEE
&#8220;I don&#8217;t think the revised bid from Paramount Skydance significantly alters the current status quo. I doubt many WBD shareholders that are on the fence or planning to vote &#8216;no&#8217; were holding out due to issues the revised bid addresses such as a guarantee from Larry Ellison on the funding front.&#8221;
&#8220;We&#8217;re still likely months away from a shareholder vote on the Paramount offer and the planned closing date of the deal agreed with Netflix would be in the second half of 2026. There will likely be many more twists and turns ahead and both Paramount and Netflix have a chance.&#8221;
MICHAEL PACHTER, MANAGING DIRECTOR, STRATEGIC PLANNING AT WEDBUSH SECURITIES, CALIFORNIA
&#8220;The WBD Board rejected the last offer because they thought it was speculative and revocable. This one makes the offer irrevocable and directly addresses the Board&#8217;s concern.
&#8220;If the board is rational and ethical (a big if), it must accept the offer, since the $108 billion PSKY offered is more than the $83 billion offered by Netflix. We;ll see what the Board does, but PSKY is right to make this offer directly to them.&#8221;
&#8220;Yes, Paramount has a chance to win, approaching 100%&#8221;
ROSS BENES, SENIOR ANALYST AT EMARKETER, NEW YORK
&#8220;The updated offer from Paramount doesn&#8217;t change the fact that WBD&#8217;s executives prefer Netflix. The new offer does make Paramount&#8217;s case more compelling to the board and shareholders. But WBD executives will keep fighting to maintain the Netflix deal as long as they can. This battle will be prolonged.&#8221;
PAOLO PESCATORE, ANALYST AT PP FORESIGHT, LONDON
&#8220;Paramount remains in a precarious position and is making a last-ditch effort to avoid being left out in the shadows. It cannot afford to lose out and be a weaker player compared to its stronger rivals.&#8221;
&#8220;The improved offer is a step in the right direction, but it is unlikely to be enough.&#8221;
REUBEN MILLER, HEAD OF ANTITRUST AT DEALREPORTER, WASHINGTON DC
&#8220;The financing from the sovereign wealth funds opens a regulatory box that needs to be checked. Having these players involved will bring another dimension of scrutiny, as well as a big diplomatic question &#8211; how far will using money from Middle Eastern sovereign wealth funds bring them into partnership with one America&#8217;s cultural touchstones?&#8221;
&#8220;Paramount has claimed that any influence from the funds will be neutralised due to their lack of voting rights, but there are other questions at play which make the picture far murkier. Notably, the access of these funds, as key stakeholders, to WBD and Paramount&#8217;s data, as well as the wider diplomatic implications of foreign bodies having a vested stake in such a huge entity in U.S. media production and consumption.&#8221;
(Reporting by Kritika Lamba in Bengaluru, compiled by Arpan Varghese; Editing by Anil D&#8217;Silva)

Ellison Steps In With Personal Guarantee As Paramount Fights For Warner Bros

Antitrust

Warner Bros Discovery&#8217;s board could announce a decision as early as Wednesday on Paramount Skydance&#8217;s $108.4 billion takeover bid, with the board likely to advise shareholders to vote against the offer, according to sources familiar with the matter.
The decision to recommit to Netflix&#8217;s buyout offer would mark the latest twist in the race for assets that include Warner Bros&#8217; storied film and TV studio, and its extensive film and television library, whose portfolio includes classics ranging from &#8220;Casablanca&#8221; and &#8220;Citizen Kane&#8221; to contemporary favorites like &#8220;Harry Potter&#8221; and &#8220;Friends,&#8221; HBO and the HBO Max streaming service.
A Warner Bros Discovery spokesman declined to comment.
The winner will gain a big advantage in the streaming wars by locking up a deep content library that has long been an acquisition target.
Netflix earlier this month emerged victorious with a $27 cash-and-stock bid for Warner Bros&#8217; non-cable assets.
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Paramount CEO David Ellison then went directly to Warner Bros&#8217; shareholders with a $30-a-share, all-cash bid for the whole company.
In regulatory filings, Paramount has said its bid is superior to Netflix&#8217;s offer and would enjoy a clearer path to regulatory approval. Its offer is financed by $41 billion in new equity, which is backed by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo.
Jared Kushner&#8217;s Affinity Partners, which was one of Paramount&#8217;s financing partners, is exiting the battle, according to Bloomberg.
Paramount and Affinity Partners did not immediately respond to Reuters&#8217; request for comment.
(Reporting by Milana Vinn in New York and Dawn Chmielewski in Los AngelesEditing by Ken Li, Dawn Kopecki and Nick Zieminski)

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