European competition regulator is expected to assess competing takeover proposals for Warner Bros. Discovery from Netflix and a Paramount–Skydance consortium at the same time, creating an unusual scenario in EU merger control where rival bids are reviewed in parallel, Bloomberg News reported.
The competing offers target one of the most influential content portfolios in the global entertainment industry, including DC Comics, long-running television franchises such as Friends, major film properties like Batman, Harry Potter and the HBO Max streaming platform. A change in ownership could significantly alter competitive dynamics across film production, television, and streaming markets.
Both bidders are understood to be advancing their proposals on similar timelines and have already engaged informally with the European Commission’s merger teams. This alignment increases the likelihood that Brussels will examine both transactions concurrently rather than sequentially.
Running parallel reviews could give EU regulators strategic flexibility. By moving more quickly on one transaction while extending scrutiny of the other or requiring remedies, authorities could influence the competitive landscape and the direction of the bidding process without formally favoring a specific outcome.
Netflix recently amended its proposal, switching to an all-cash offer valued at roughly $82.7 billion, or $27.75 per share, in an effort to speed up completion and reassure investors following concerns about its earlier mixed consideration structure. The revised bid has reportedly received unanimous backing from the Warner Bros. Discovery board.
The companies involved have not commented publicly on the potential regulatory process. Any acquisition of Warner Bros. Discovery is expected to face close examination beyond the EU, including by competition authorities in the United States and the United Kingdom, given the scale of the deal and its potential impact on competition in global media and streaming markets. (Reuters)
The situation highlights the growing role of antitrust oversight in shaping consolidation among major entertainment and streaming players as competition for content, scale, and subscribers intensifies.