EU eyes Netflix and Paramount bids for Warner Bros in rare double review

MUMBAI: Two suitors, one studio and a regulator pressing pause. European Union antitrust authorities are preparing for an unusual side-by-side review of rival takeover bids for Warner Bros. Discovery, with Netflix and Paramount Skydance both in the frame, according to a Bloomberg report. The European Commission is expected to assess the competing proposals in parallel, a rare move that signals how closely matched and advanced the two bids have become. Bloomberg reported that both bidders have already held preliminary discussions with EU merger control officials, setting the stage for a coordinated but flexible regulatory process.

Running the reviews simultaneously could allow Brussels to steer outcomes more precisely. Regulators may choose to fast-track one bid while extending scrutiny, or attaching stricter conditions to the other, a tactic that gives competition authorities greater leverage in shaping the final structure of any deal.

The development follows Netflix’s recent escalation of its pursuit. The streaming giant has revised its offer for Warner Bros. Discovery into an all-cash bid valued at $82.7 billion, or $27.75 per share. The move replaces an earlier mix of stock and cash, a shift designed to reduce execution risk and offer clearer valuation certainty to shareholders. The Warner Bros. Discovery board has unanimously approved the revised proposal.

Any acquisition of the Hollywood and streaming heavyweight is unlikely to be a smooth ride. Beyond the EU, regulators in the United States and the United Kingdom are also expected to examine the transaction closely, given the companies’ reach across film studios, television networks and global streaming platforms.

With competition watchdogs on both sides of the Atlantic sharpening their focus, the race for Warner Bros. Discovery is shaping up to be as much a regulatory marathon as a corporate bidding war, one where timing, structure and antitrust tolerance may matter as much as price.