Paramount Makes Rival Bid For Warner Bros. After Netflix's $82 Billion Offer, Includes Game Studios

Update [Mon 8th Dec 2025, 8:15am]: Paramount Skydance has launched a rival bid for "the entire company" of Warner Bros. Discovery — including streaming, TV networks and its gaming division — following Netflix's own agreement from last Friday (via BBC).

Paramount is offering $30 per share directly to shareholders, stating that this is a "superior alternative" to Netflix's own. The mass media company values Warner Bros. Discovery at $108.4 billion.

“We’re really here to finish what we started,” Paramount chief executive David Ellison told CNBC, telling the station that this offer was "anti-competitive" and that Netflix's is "a horrible deal for Hollywood."

Both Netflix and Warner Bros. stated on Friday that they support the original deal, which is valued at $82.7 billion. As we mentioned in our original report below, this deal will include Warner Bros. own gaming division, where major IPs such as the Mortal Kombat and Batman: Arkham series are based.

Sounds like this is going to be a fraught process...

Original Story: In a staggering piece of news this Friday, streaming giant Netflix has announced that it has entered an agreement with Warner Bros. Discovery to acquire Warner Bros. in a deal that's valued at roughly $82.7 billion — an equity value of $72 billion.

Netflix is specifically acquiring Warner Bros.' Streaming & Studios company, which it created in June 2025 and includes including Game of Thrones, the DC Universe, Harry Potter, Lord of the Rings, and platforms such as HBO and HBO Max and Warner Bros. Games.

The media company doesn't mention WB's gaming division at all in its press release. However, Game Developer has confirmed with a WB spokesperson that "the recently-restructured video game division... will be joining Netflix."

Currently, Warner Bros. Games includes a number of studios such as Rocksteady (Batman: Arkham series), NetherRealm Studios (Mortal Kombat), TT Games (LEGO), Portkey Games, and Avalanche Studios (Harry Potter), along with WB's studios in Boston, Montréal, New York, and San Francisco.

It's a huge deal that Netflix expect to take around 12-18 months, but that's if it goes through. We know how long other huge acquisitions have taken. Plus regulators are more than likely to get involved. Paramount had previously attempted to purchase the studio in October, which was rejected.

Images: Warner Bros.

If successful, Warner Bros. shareholders will receive $27.75 a share along with stock in Netflix and the company expects to make savings of around $2-$3 billion by the third year.

The deal could have a huge impact on these studios, and is yet another example of consolidation in the video game industry at a time when layoffs, game studio sales, and closures are rampant.

In fact, earlier this week, reports emerged that Netflix was selling Spry Fox, developer of Cozy Grove, back to the owners.