In a media landscape rapidly consolidating, Bank of America Research (BofA) analysts delivered a powerful declaration on December 7, 2025: “The throne is secured” for Netflix . This definitive statement followed Netflix’s (NFLX) announcement of a landmark deal to acquire Warner Bros. Discovery’s Studios and Streaming assets for an enterprise value of approximately $83 billion (equity value $72 billion). Just a day later, the plot thickened as jilted suitor Paramount launched an offer directly to WBD shareholders worth $30 per share in all cash, throwing the mega-merger’s outcome into some doubt.

BofA’s note underscores just why Paramount came back to the table, arguing that it would profoundly strengthen Netflix’s competitive moat and put Paramount and Comcast , the losers in the

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