Netflix won the bidding war for Warner Bros. Discovery’s (WBD’s) streaming and movie studio businesses last week. But Paramount Skydance isn’t relenting on its dreams of owning WBD and is pushing forward with a hostile takeover bid.

On Friday, Netflix announced that it had agreed to pay an equity value of $72 billion, or an approximate total enterprise value of $82.7 billion, for WBD’s streaming and film businesses, as well as its film and TV libraries. The deal includes HBO and the HBO Max streaming service but not WBD’s cable channels, which are to be split off ahead of the acquisition into a separate company called Discovery Global. Netflix said WBD’s split should conclude in Q3 2026.

Paramount has different plans, though.

After previously questioning the “ fairness and adequacy ”

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