What if Paramount really bought Warner Bros?
The only way to really compete with Disney and Netflix?
Less than ten years after the merger (unlikely at the time) between Disney and Fox, a new industrial earthquake is shaking Hollywood: Paramount Skydance, the group now led by David Ellison, is officially in the running to buy Warner Bros. Discovery. David Zaslav’s firm confirmed that it had received “several proposals” for a total or partial buyout, and its board of directors is currently examining all options.
Such a deal would mark the biggest consolidation in the industry since Disney bought Fox. Moreover, the amount of the transaction would be roughly equivalent: around $70 billion (according to varying estimates). This would create a new entertainment juggernaut, with on one side Warner Bros., bastion of American cinema and television with its DC, Harry Potter, Dune and Last of Us franchises. On the other, Paramount, with its television channels CBS, MTV, Nickelodeon and cult licenses like Top Gun, Mission: Impossible… A transversal giant, from streaming to cinema, capable of compete head-on with Disney and Netflix.
Merger of platforms and social disruption
The most obvious idea would be to merge HBO Max and Paramount+ into a super-platform combining the HBO, CBS, MTV, Comedy Central, Discovery, Nickelodeon and Paramount Pictures catalogs. As of June 2025, HBO Max had 125.7 million subscribers worldwide (57.8 million in the United States and 67.9 million internationally), while Paramount+ claimed 77.7 million subscribers.
By adding Pluto TV and BET+, the new set would have nearly 210 million users worldwide. Netflix now has more than around 300 million. Disney + is around 130 million.
But behind this digital power, the human cost would be considerable: Warner Bros. Discovery employed around 35,000 people (full and part time combined) at the end of 2024, while Paramount Global had 18,600 employees, despite several waves of layoffs. Paramount Skydance is already planning 2,000 job cuts by the end of October, even before the deal is concluded.
The treasures of the two empires
The two century-old studios, pioneers of Hollywood (the Paramount studio was founded in 1912, making it the oldest film studio still in activity, and Warner Bros. in 1923) have a respective gigantic catalog, which would be difficult to match in the event of a merger. Especially since Warner is building on recent successes like Minecraft, Sinners, F1 or Évanouis, just this year. There are also Dune and other Beetlejuice or Godzilla and Kong. On TV, he is also the owner of The Voice brand.
At Paramount, we talk about Mission: Impossible and anthology sagas like The Godfather, or Star Trek or Transformers. And also there is Titanic and Forrest Gump… And on the small screen NCIS and so many others.
An uncertain, but coveted future
According to CNBC, Warner Bros. Discovery reportedly rejected three offers from Paramount, the last of which valued the group at $24 per share, paid 80% in cash. Zaslav is now reportedly considering splitting WBD into two entities: Warner Bros. (studios and streaming) on one side, Discovery Global (TV channels) on the other, by April 2026.
“It is no surprise that the significant value of our portfolio is attracting so much attention in the market today. After receiving several expressions of interest, we initiated a comprehensive review of our strategic options to identify the best path to unlock the full potential of our assets,” said David Zaslav, CEO of Warner Bros. Discovery.
Analysts see it as a risky but potentially saving bet for two giants weighed down by debt and falling TV revenues. Clearly, Ellison could well succeed where so many others have failed: create a 21st century major capable of competing with Disney and Netflix.
It remains to be seen whether Warner Bros. Discovery will agree to become, once again, the centerpiece of a new conglomerate. As one studio executive told Variety: “It would be a marriage of titans…but in this industry, even loving marriages often end in divorce.” »
