According to informed sources, European antitrust regulators plan to simultaneously review acquisition proposals submitted by Netflix (NFLX.US) and Paramount Skydance Corp (PSKY.US), both of which are interested in bidding for the core premium assets of Warner Bros. Discovery (WBD.US). This development means the two streaming giants are set for a rare, head-on antitrust review battle.
The reports indicate that a simultaneous review has become unavoidable because the proposals from the two rival companies were submitted around the same time, and both have already engaged in preliminary discussions with EU regulators regarding their acquisition plans. Sources revealed that this parallel investigation will grant Brussels-based EU authorities significant influence over the future direction of Warner Bros.—regulators could swiftly approve one party's acquisition while initiating a more in-depth investigation into the other, a move that would also pave the way for ultimately determining the leading bidder.
Although the market widely believes Netflix is poised to win the battle for Warner's assets, its all-cash offer of $82.7 billion faces greater complexity from an antitrust regulatory perspective. The primary reason is the streaming behemoth's absolute market dominance in the European paid video-on-demand sector.
On the other hand, Paramount is actively campaigning in Europe to garner support for its $108.4 billion hostile takeover bid for Warner Bros. The company recently launched a series of public relations offensives, including meetings with French President Emmanuel Macron and consultations with relevant officials in the United Kingdom. Paramount declined to comment on the matter. Netflix and the European Commission also could not immediately be reached for comment.
According to EU regulations, acquisitions that meet a minimum revenue threshold are reviewed by the EU's merger regulatory body, which is led by Antitrust Commissioner Teresa Ribera. The initial investigation by regulators typically takes about one month and is often extended by another 90 days; the review period can be further delayed if officials request additional information or push for concessions from the companies involved. Upon concluding the investigation, regulators can decide to either approve or outright block the transaction.
Beyond the EU review, this acquisition will also face regulatory scrutiny in multiple countries and regions worldwide, including the United States, the United Kingdom, and parts of Asia. The bidding war for Warner Bros. represents one of the largest media industry transactions in recent years, and its outcome has the potential to reshape the global entertainment landscape.
Warner Bros., the studio behind classic films such as "Casablanca" and "Batman," has been the target of an acquisition actively pursued by Paramount since last September. Netflix, the streaming industry leader, emerged as a surprise bidder, officially joining the contest only after Warner Bros. initiated the sale process last October.
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