Why Netflix is Still a Winner After Bidding War with Paramount

Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt. 

 

In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.

 

We also consider the potentially significant impact of AI on viewing habits and customer preferences. 

 

Host: Patrick Ronk, Vice President, Senior Analyst, Moody’s Ratings 

 

Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings

 

Related Research: 

• Media, Telecommunications – US – Media's significant consolidation, streaming shift continue; more telecom competition 2 Feb 2026
• Corporates | Media & Publishing - Netflix, Inc. - Credit Opinion – Update to credit analysis following affirmation and changing outlook to stable 29 Dec 2025
• Media & Publishing – US – Large streamers thriving amid intense competition, smaller streamers at risk 16 April 2025

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