Showing themselves as a united front, Warner Bros. Discovery (WBD) CEO David Zaslav led a “show of force” alongside Netflix co-CEOs Ted Sarandos and Greg Peters on Wednesday. This was indeed a clear sign that WBD is more interested in Netflix’s $82.7 billion offer and has no plans to go with Paramount’s aggressive counteroffer.
For Paramount, the sight of Sarandos and Peters holding court in the Steven J. Ross Theater is a public relations nightmare. Even though Paramount is offering a ton of cash to buy the whole company, they’re starting to look like the guy who got stood up at the prom.
One of the most important concerns raised by WBD regarding Paramount’s massive cash offer is where Paramount’s money is actually coming from. In a deal of this magnitude, certainty is currency. By questioning Paramount’s financial backing while embracing Netflix’s cash-and-stock offer, the WBD board is signalling that it views Paramount as a potential risk.
Warner CEO David Zaslav with Netflix Co-CEOs Greg Peters and Ted Sarandos on WB lot. pic.twitter.com/fMMwgCbhwl
— Joe Flint (@JBFlint) December 18, 2025
Paramount’s pitch relies on buying the whole company, including WBD’s ageing linear cable networks (CNN, TNT, TBS). Netflix, meanwhile, only wants the crown jewels, which are Warner Bros. and HBO.
According to multiple online reports, WBD would rather see the studio and HBO thrive under a tech giant than see the entire company remain tethered to the sinking ship of cable television, even if it means a more complex corporate breakup.
Paramount represents “old Hollywood”, whereas Netflix has emerged as a major disruptor in the entertainment and media industry over the past decade. And it seems WBD has started to realise that. If Paramount cannot even convince its peers that it is a safer harbour than a Silicon Valley upstart, its influence in the industry is at an all-time low.
If Paramount represents the past, Netflix represents a solid future. The benefits of this partnership for Warner Bros. and HBO are transformative.
One of the biggest advantages of a Netflix–WBD deal is that WBD has spent the last few years burdened by substantial debt and cost-cutting. Netflix, by contrast, operates with a level of liquidity and market capitalisation that Paramount simply cannot match.
For creators at WB and HBO, Netflix ownership could mean the end of the austerity-era programming mindset. It provides the capital to greenlight massive franchises and prestige dramas without the constant fear of hitting a quarterly debt ceiling.
Moreover, integrating HBO and HBO Max’s prestige libraries, along with WB’s blockbuster IP (DC, Harry Potter, Dune), into the Netflix UI would give these properties immediate, frictionless access to over 260 million households worldwide. It solves WBD’s distribution problem overnight.
On top of this, Ted Sarandos has assured both the industry and the public that theatrical releases for WB films would continue, stating that Netflix would uphold the studio’s legacy.
David Zaslav didn’t just show Ted Sarandos the lot. He showed him the keys to the kingdom. For Paramount, the silence from the WBD board is deafening. For Netflix, this show of force may just be the beginning. Stay tuned for more updates.
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