The battle for Warner Brothers Discovery got hotter this week as Paramount launched a hostile bid of $108.4 billion for the company, topping Netflix’s agreement last week to pay nearly $83 billion for the company’s streaming and studio assets.

It’s the largest M&A deal of 2025 and rightfully will receive tough scrutiny in the U.S. and Europe. The ultimate price for Warner Brothers Discovery will certainly factor heavily into who wins the fight, especially with investors, and there could be additional bidders and proposals.

For sure, an acquisition by Netflix of one of the oldest Hollywood studios, Warner Brothers, and its HBO Max streaming service would have ripple effects across the industry, though not in the way critics contend.

Sen. Elizabeth Warren called it an “anti-monopoly night

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