Who matters in the battle for Warner Bros?
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Warner Bros Discovery, IncAdd to myFTGet instant alerts for this topicManage your delivery channels hereRemove from myFTWho matters in the battle for Warner Bros?
From Saudi Arabia’s crown prince to California tech moguls, key players in the fight for a celebrated Hollywood institution© FT montage/Getty/PA/Reuters/BloombergWho matters in the battle for Warner Bros? on x (opens in a new window)Who matters in the battle for Warner Bros? on facebook (opens in a new window)Who matters in the battle for Warner Bros? on linkedin (opens in a new window)Who matters in the battle for Warner Bros? on whatsapp (opens in a new window) Save Who matters in the battle for Warner Bros? on x (opens in a new window)Who matters in the battle for Warner Bros? on facebook (opens in a new window)Who matters in the battle for Warner Bros? on linkedin (opens in a new window)Who matters in the battle for Warner Bros? on whatsapp (opens in a new window) Save Alexandra White and Zehra Munir in New York PublishedDecember 17 2025Jump to comments sectionPrint this pageUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A battle is reaching a fever pitch over the biggest acquisition of the year: Warner Bros Discovery. Netflix first submitted an $83bn takeover offer of WBD’s streaming and studio assets, beating out Comcast and Paramount in a bidding war that kicked off in October. Paramount launched a hostile $108bn bid in response, partnering with Middle East sovereign wealth funds and US President Donald Trump’s son-in-law Jared Kushner.The fight over one of Hollywood’s most celebrated studios has quickly shifted into a political battle that will decide the future of an industry that is facing shrinking traditional TV viewership and declining sales at the box office. WBD has struggled with falling revenue and swung to a loss in its most recent quarter as a result of declines in its linear TV business. Still, entertainment executives see opportunities in its streaming business — which includes the popular HBO Max — and its studio business that saw revenue jump 24 per cent in the most recent quarter thanks to its blockbuster hit Superman. WBD shares are up more than 170 per cent since the start of the year at $28.21 a share, thanks to investor optimism over its takeover deal. Some content could not load. Check your internet connection or browser settings.Under the Netflix deal, the streaming company would secure a library of content, including the Harry Potter and Batman franchises, and popular series, such as HBO’s Sex and the City and The White Lotus. Netflix co-chief executive Ted Sarandos has told analysts that the acquisition will be a “rare opportunity”, but Paramount chief executive David Ellison also views it as one he cannot give up. The son of billionaire Trump donor and Oracle co-founder Larry Ellison completed the merger of his media company Skydance with Paramount for $8bn in August, ending a two-year saga. After Netflix appeared victorious in the WBD deal, Ellison was able to rally support from Kushner and Middle East sovereign wealth funds that had already done multiple deals in the region with the Trump family.Saudi Arabia, Abu Dhabi and Qatar are providing $24bn for Ellison’s hostile bid for WBD. Kushner withdrew from the deal on Tuesday. Trump directly weighed into the takeover battle earlier this month, saying that Netflix’s “very big” market share could be a problem as it seeks regulatory approval before Ellison submitted the $108bn rival bid. The president had said he would be “involved” in whether to clear the transaction and had already advocated for Paramount to take over WBD in October. But Trump also recently said of both companies: “None of them are particularly great friends of mine. I want to do what is right.”Trump is particularly interested in the fate of CNN, a TV network that he has derided as “fake news”. While Netflix will exclude the news network from its acquisition, Ellison has signalled that he can reshape it as he has done at CBS News. The news organisation is now run by Bari Weiss, a former New York Times journalist who has been critical of liberal institutions and “cancel culture”. Sarandos and Netflix co-founder Reed Hastings are both major Democratic donors, but Sarandos recently visited Trump’s Mar-a-Lago to discuss his bid for WBD. As the kingpins in entertainment, finance and global politics vie for Hollywood’s most beloved studio and streaming service, the industry is largely bracing for challenges ahead, regardless of who owns WBD. Many in the entertainment industry fear that this acquisition may follow others that have led to job cuts and fewer buyers for television and film projects. The industry is already facing fewer projects and weaker spending from buyers as it recovers from the burst of the streaming bubble in 2022 and the downturn that followed the screenwriter and actor strikes. Hollywood has already shed tens of thousands of workers since 2020.Reuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article US companies Add to myFT Television Add to myFT Streaming services Add to myFT Mergers & Acquisitions Add to myFT Netflix Inc Add to myFT Comments