Big Take What Really Happened in the Battle for Warner Bros.
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Mar 26, 2026 
Chris Palmieri, Bloomberg entertainment reporter who breaks down media deals, and Lucas Shaw, Bloomberg media writer and Screen Time author, dig into the $110 billion Warner Bros. bidding drama. They trace how Paramount overtook Netflix, why Netflix backed off, the studio assets that made Warner so coveted, the financing and debt behind the bid, consolidation pitfalls, regulatory risks, and the Ellisons’ growing media power.
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How Paramount Overtook Netflix In The Bidding
- Paramount won a months-long bidding war by submitting an offer that matched Warner Bros.' remaining concerns and kept increasing pressure.
- Lucas Shaw pinpoints Feb 21 when David Ellison called David Zaslav and Paramount moved onto the "five yard line" with a near-final offer.
Netflix Exited Because Of Price Not Politics
- Netflix walked away primarily for financial reasons after feeling Paramount would keep topping bids and viewed David Ellison as an irrational buyer.
- Ted Sarandos later emphasized politics did not drive Netflix's exit and the company received a $2.8 billion breakup fee.
Warner Bros Is Valuable But Historically Cursed
- Warner Bros. is a highly productive studio with HBO and hit TV shows that make it an attractive but historically cursed asset.
- Lucas Shaw and Chris Palmieri note repeated owners (AOL, AT&T, Discovery) failed to realize its potential, making any acquirer’s job difficult.