As the Warner Bros. Battle Between Paramount and Netflix Escalates, Elon Musk Grabs the Popcorn

The Warner Bros. takeover saga grew even more dramatic after a report suggested that Paramount was preparing a “hostile bid” for the legendary Hollywood studio. The speculation followed claims that Netflix had already sealed a landmark acquisition agreement, prompting Elon Musk to join the conversation with a single, cheeky popcorn emoji. The Billionaire’s cryptic response added fuel to what is quickly becoming one of the most contentious corporate showdowns of the year. Warner Bros., which controls globally recognized properties like Harry Potter, Game of Thrones, and Batman, is now at the center of a fierce battle among media giants.

Musk’s reaction came just as rumors intensified that streaming powerhouse Netflix had agreed to pay $72 billion to take over Warner Bros. Discovery’s film and television studios, along with its streaming operations. Paramount — which competed alongside Comcast — has accused Warner Bros. of favoring Netflix in the bidding process, calling the sale unfair and biased.

The speculation surrounding Netflix’s massive $72 billion deal has rattled the entertainment industry, but Paramount insists that its own proposal offered superior value. The company argues that Warner Bros. unfairly tilted the auction toward Netflix and failed to conduct a transparent, equitable process.

PARAMOUNT CRIES FOUL, CLAIMS THE BIDDING WAS RIGGED

Paramount maintains that its all-cash $30-per-share offer – including stock considerations and the value of spinning off Warner Bros.’ cable networks — exceeded the terms proposed by Netflix. The company alleges that the auction was compromised by “management conflicts” and that certain Warner Bros. executives had “personal interests” tied to post-transaction roles and compensation.

These allegations were detailed in a letter obtained by Axios, in which Paramount accused Warner Bros. of favoring Netflix despite competing bids that, in its view, offered more financial upside. Should Paramount escalate to a hostile takeover attempt, the move could trigger a prolonged and highly publicized battle involving Netflix, Warner Bros., and major shareholders.

Elon Musk, whose own acquisition of Twitter unfolded with similar chaos, appeared to be enjoying the unfolding drama from the sidelines. Meanwhile, the outcome of this bidding war could reshape the global entertainment landscape for years to come.

If regulators approve the deal, Netflix — once a humble DVD-by-mail service — would transform into a media behemoth with unprecedented control over Hollywood’s most iconic franchises. The acquisition would give Netflix ownership of Warner Bros.’ streaming arm, HBO’s premium content library, and perennial blockbusters like Harry Potter and Batman, drastically strengthening its content ecosystem.

Warner Bros., for its part, plans to continue its previously announced corporate restructuring. The company intends to separate its cable networks — including CNN, Turner, and Discovery — into an independent entity. Its global networks division will operate under the new name “Discovery Worldwide.”

Reacting to the proposed deal, Netflix Co-CEO Ted Sarandos told the BBC, “Warner Bros. have defined the last century of entertainment, and together we can define the next one.”