The battle for control of Warner Bros.: A timeline of key developments

Netflix and Paramount are locked in an epic tug-of-war for HBO and Warner Bros. — the historic film factory behind Batman, Harry Potter, Scooby-Doo, “Casablanca” and “The Matrix.”

Warner Bros. Discovery awarded the prize to Netflix, prompting Paramount to mount a hostile takeover bid valued at $108 billion for all of the Warner assets, which also include CNN, TBS, HGTV and TLC. The Larry Ellison-backed media company, run by his son David Ellison, has asked Warner shareholders to sell their shares to Paramount.

Warner Bros.’ sale has become the industry’s game of thrones.

The streaming king, Netflix, hopes to buy a chunk of the company — HBO, HBO Max, Warner Bros. film and TV studios and the 110-acre lot in Burbank — through its $82.7-billion deal. Not included are Warner’s basic cable channels, which are set to be spun off into a separate, publicly-traded company called Discovery Global.

Both deals would fundamentally reorder Hollywood and raise antitrust concerns. Netflix would boast more than 400 million subscribers worldwide, furthering its market dominance. And Paramount’s takeover would combine two major film studios and two leading news organizations, CNN and CBS News, under Ellison family control.

Here’s a look at how we got here:

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Dec. 8, 2025

A break in the stalemate came nearly six months into the auction.

Paramount increased its all-cash offer to $31 a share, grabbing the attention of the Warner Bros. Discovery board and investors. Warner announced that it wanted to negotiate further with Paramount because its latest proposal — the Ellison firm’s tenth offer since mid-September — could amount to a “superior proposal,” which would reset the auction.

For weeks, Paramount had clung to its $30 a share bid — even though Warner board members repeatedly deemed it insufficient. Paramount also agreed to a raft of other provisions, which appears to have moved the needle.

One measure that was important to Warner’s board was that billionaire Larry Ellison would “contribute additional equity funding to the extent needed” to ensure Paramount’s lenders were satisfied that the company would be solvent and able to meet its debts. Warner board members had expressed concerns that, under the previous deal structure, Paramount may not have the financial firepower to close such a gargantuan deal.

Paramount also agreed to pay $7 billion to Warner should the deal fail to clear various regulatory hurdles. The previous commitment was $5 billion. In addition, Paramount reaffirmed that it would cover the $2.8 billion termination fee that Warner would owe Netflix if Warner abandoned its deal with the streamer.

In another sweetener, Paramount committed to paying an additional $.25 per quarter to shareholders for each three-month period after Sept. 30 that it took to close the proposed Paramount takeover of Warner. It also agreed to cover Warner’s potential $1.5 billion in financing costs associated with a planned debt exchange offer.

“Paramount welcomes the WBD Board’s determination and looks forward to continuing to engage constructively with WBD to deliver the benefits of Paramount’s proposal to WBD shareholders, the creative community and consumers,” Paramount said in a statement.

Warner cautioned that its board members had not agreed to abandon the Netflix proposal. Doing so would trigger a clause in the Netflix merger agreement that would give the streaming giant four days to match or beat Paramount’s enhanced offer.

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Politics take center stage as Paramount submits new offer for Warner Bros. Discovery

Over the weekend, President Trump threatened Netflix, telling the streamer to fire Susan Rice from its board or “pay the consequences.”

Feb. 23, 2026

Making zero headway with the Warner board, Paramount Skydance Chairman and Chief Executive David Ellison reveals his company is gearing up for a proxy fight. Paramount plans to nominate new directors willing to pull the plug on the Netflix deal, although it’s not clear when Warner will hold its board elections.

Paramount also sues Warner board members, including Chief Executive David Zaslav, in Delaware court, accusing the group of misleading shareholders and failing to disclose the financial analysis underpinning its Netflix preference. Warner says Paramount’s suit has no merit, and that Paramount has had weeks to sweeten its offer — but hasn’t.

Netflix Co-Chief Executive Ted Sarandos and Warner Chief Executive David Zaslav pose at the 83rd Golden Globe Awards in Beverly Hills on Jan. 11, 2026.

(Allen J. Schaben/Los Angeles Times)

Paramount strikes back after Warner Bros. Discovery’s board rejects Paramount’s proposal again, despite Larry Ellison agreeing to personally guarantee the equity component of Paramount’s proposed $108-billion deal. Paramount enjoys warm relations with President Trump, which Paramount believes will remove regulatory friction. “Our offer clearly provides [Warner] investors greater value and a more certain, expedited path to completion,” David Ellison says.

For the sixth time since mid-September, Warner Bros. Discovery says ‘no’ to Paramount — despite a personal guarantee from billionaire Larry Ellison, which Warner has long insisted was necessary. In addition to Ellison, Middle East sovereign wealth funds representing royal families in Saudi Arabia, Qatar and Abu Dhabi, are planning to contribute $24 billion, giving them an equity stake in the parent company of CNN and HBO.

Warner complains the deal would saddle Paramount with too much debt, making it too risky. Paramount Skydance has a market value of $14 billion, Warner says in a regulatory filing, and would need to stitch together $94.65 billion in debt and equity financing.

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Warner nixes Paramount’s bid (again), citing proposed debt load

Warner’s board was not swayed by tech billionaire Larry Ellison’s personal guarantee to back the equity portion of Paramount’s bid. Warner’s board remains solidly behind its Netflix deal.

Jan. 7, 2026

The tech titan, worth an estimated $240 billion, agrees to personally guarantee $40.4-billion in equity needed for Paramount’s proposed takeover of Warner Bros. Discovery. Paramount’s amendment follows the Warner board’s withering critique of Paramount’s $30 a share offer, citing numerous risks and uncertainty due to an “opaque” financing structure. Paramount says Warner shareholders should tender their shares by Jan. 21.

Warner Bros. Discovery formally rejects Paramount’s hostile bid, accusing the Ellison family of failing to put money into the deal. Warner discourages stockholders from tendering their shares to Paramount, concluding the Netflix deal is superior and its financing more secure.

President Trump’s son-in-law Jared Kushner, whose Affinity Partners private equity firm had promised $200 million, withdraws from Paramount’s bidding team.

Netflix executives send a note to company staffers to assuage concerns about its proposed takeover. “We see this as a win for the entertainment industry, not the end of it,” Netflix Co-Chief Executives Ted Sarandos and Greg Peters wrote. “This deal is about growth: Warner Bros. brings businesses and capabilities we don’t have, so there’s no overlap or studio closures.”

Trump blasts CNN and its Warner management, saying they’ve “run CNN into the ground. ... CNN should be sold along with everything else.”

That same day, Paramount Chief Executive David Ellison sends a letter to Warner Bros. Discovery shareholders offering them $30 a share in cash. “We, along with our partner RedBird Capital, believe we are the best stewards not only to build long-term value for the asset but also delight audiences and help cultivate a more vibrant creative community,” David Ellison writes to Warner shareholders.

The 110-acre Warner Bros. studio lot in Burbank is included in both deals.

(Dania Maxwell / Los Angeles Times)

Paramount goes hostile, refusing to accept defeat in the Warner Bros. auction. David Ellison says Warner Bros. Chief Executive David Zaslav always favored Netflix and that he ignored Paramount’s Dec. 4 offer. “We never heard back,” Ellison tells CNBC.

Netflix and Warner Bros. Discovery unveil Netflix’s $72-billion deal that would allow the streamer to turbocharge its movie and television production capabilities and take control of HBO, television’s cultural tastemaker.

“The combination of Netflix and Warner Bros. creates a better Netflix for the long term,” Sarandos tells investors. The deal is valued at $82.7 billion because it includes taking over some of Warner’s debt.

Paramount Chairman and Chief Executive David Ellison speaks alongside Chief Operating Officer Andy Gordon, far left, and co-Chair Josh Greenstein.

(Paramount)

Three bidders — Netflix, Paramount and Comcast — meet Warner’s deadline to sweeten their bids.

Netflix adds 75 cents a share to its offer, making it $27.75.

Realizing they could lose a bid that seemed assured, Paramount’s executives boost their offer to $30 a share, up from $26.50. Chinese firm Tencent is dropped as an investor, but three Middle Eastern sovereign wealth funds contributing $24 billion remain. The Larry Ellison Trust would contribute $11.8 billion in equity. Paramount’s overall deal is valued at $108.4 billion.

David Ellison fires off a text to Zaslav at 1 p.m., saying Paramount’s latest proposal “addressed all of the issues you discussed ... I have nothing but respect and admiration for you and the company. It would be the honor of a lifetime to be your partner and to be the owner of these iconic assets.”

Zaslav and his board grapple with the ultimatum that Sarandos had delivered that afternoon. In a phone call with Zaslav, Sarandos tells him that Netflix wants a deal done “that evening, or it would withdraw its proposal and withdraw from the process.”

Warner’s board approves the Netflix deal. Netflix’s board also unanimously approves its proposed $72-billion acquisition of Warner Bros. and HBO, which would provide $27.75 a share to Warner shareholders .

Netflix’s office tower in Hollywood.

(Robyn Beck / AFP / Getty Images)

Zaslav tells David Ellison Paramount’s bid wasn’t the highest, and Paramount’s proposed financing terms “would be challenging for the [Warner] Board to accept.” Zaslav says Paramount’s bid needs to be “fully backstopped” by the Ellison family and RedBird Capital Partners.

Paramount executives voice fears Zaslav has long favored Netflix’s bid. Paramount’s lawyers in a letter accuse Warner of embarking on “a myopic process with a predetermined outcome that favors a single bidder.”

Warner disputes the allegations, saying that Paramount’s letter relied on incomplete information and made “assertions [that] had no factual basis whatsoever.”

The three bidders face a deadline for second-round proposals. Netflix, Comcast and Paramount submit detailed offers, including details about their financing.

Comcast proposes combining its NBCUniversal media company with Warner Bros. and HBO; Netflix improves its offer for the studios and HBO. Paramount increases its offer to $26.50 a share. Paramount discloses for the first time that “certain Middle Eastern investors would be included as part of [Paramount’s] equity financing consortium.”

Paramount’s consortium includes seven investors, including the Lawrence J. Ellison Revocable Trust ($11.8 billion); Saudi Arabia’s Public Investment Fund ($10 billion); Abu Dhabi’s L’imad Holding Company ($7 billion), Qatar Investment Authority (Qatar) ($7 billion) and the Chinese firm Tencent ($1 billion). Redbird Capital Partners, which is a minority investor in Paramount Skydance, agrees to contribute $300 million and Kushner’s private firm Affinity Partners would chip in $200 million. The bid “did not include any commitment or backstop by any member of the Ellison family,” Warner said in a filing.

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Dec. 18, 2025

Warner’s legal advisors meet with their Paramount counterparts to scrutinize the financing. Paramount’s documents stop short of promising that the Ellisons are “backstopping” the equity portion of the deal, as promised. Warner asks who else is joining Paramount’s bidding team? Its lawyers raise “concerns regarding the composition of the equity consortium, noting potential risks associated with non-U.S. investors.”

Larry Ellison and David Ellison meet David Zaslav for dinner, pitching him on their vision to combine Paramount and Warner. The Ellisons reiterate an earlier invitation for Zaslav to stay on as co-CEO and co-chairman of the combined company should Paramount prevail.

Oracle co-founder Larry Ellison and his son, David Ellison, in 2013.

(Eric Charbonneau / Getty Images)

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Dec. 10, 2025

The three bidders submit first-round offers for Warner Bros. Discovery.

Paramount offers $25.50 a share, with 85% of the bid in cash, adding that Larry Ellison and RedBird Capital Partners would underwrite the full equity portion of the deal. Paramount also offers to pay Warner $5 billion should the deal go south. Paramount says the “Ellison family and RedBird [Capital Partners] will commit to fund the full $34.5 billion [equity portion] in cash” but add that other “highly capitalized partners” could join .

Netflix offers $27 a share; its bid was 81% cash, and the remainder in Netflix stock. .

Warner Bros. Discovery Chief Executive David Zaslav wanted to break Warner into two separate companies.

(Evan Agostini / Invision / AP)

Variety reports that three Middle Eastern sovereign wealth funds have signed up to help Paramount buy Warner. Paramount issues a statement, calling the report “categorically inaccurate.” A Paramount advisor called Warner’s banker, and also dismisses the report, saying Paramount would make a “clean bid for the whole thing.” (It was later revealed the three Middle Eastern royal families were contributing $24 billion.)

Zaslav meets again with David Ellison to discuss Paramount’s pursuit.

Zaslav meets in-person with Sarandos to learn more about Netflix’s interest.

Warner Bros. management hosts a presentation to bidders in Century City attended by 74 representatives of Paramount. Zaslav acknowledges he wants to proceed with his plan to separate Warner Bros. into two companies “rather than engaging in a sale process,” according to a Paramount filing.

In a CNBC appearance, John Malone, chairman emeritus of Warner Bros. Discovery, complains that Paramount “interrupted” Warner’s plans to break the company into two parts and suggests Netflix is a stronger bidder.

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Dec. 5, 2025

The founder of an undisclosed media company, identified in Warner’s filings as “Company C,” calls Warner Chief Financial Officer Gunnar Wiedenfels to discuss a potential deal for Warner’s cable channels, including CNN and Food Network.

After three unsolicited offers from Paramount, Warner’s board of directors opens the auction, telling prospective suitors they can bid for the entire company — or a combination of its parts.

Netflix Co-Chief Executive Ted Sarandos calls David Zaslav to express Netflix’s desire to acquire HBO, HBO Max streaming service and the Warner Bros. studios. Comcast Chief Executive Brian Roberts also calls to reveal his company’s interest in a merger of assets.

Paramount’s board approves a third bid — $23.50 a share — for Warner Bros. Paramount would pay 80% in cash and 20% in Paramount shares. Warner’s board unanimously rejects the overture.

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Dec. 16, 2025

Larry Ellison and Zaslav meet again, via video-conference call, to hash out Warner’s rejection of Paramount’s proposal. It’s the second video call between the two moguls.

Netflix co-Chief Executive Greg Peters downplays interest the streamer might have in Warner Bros. at a Bloomberg media conference, saying big media mergers “don’t have an amazing track record,” and that the streamer had a legacy of “being builders rather than buyers.”

Earlier that day, Zaslav notifies David Ellison that Warner’s board had unanimously rejected Paramount’s second bid.

Greg Peters, co-chief executive of Netflix, in Idaho at the Allen & Company Sun Valley Conference in July.

(Kevin Dietsch / Getty Images)

David Ellison submits a second unsolicited bid for Warner Bros. at $22 a share. This bid would be 67% cash and 33% in Paramount stock. Ellison also offers a sweetener: Zaslav can stay on as co-CEO and co-chairman of the combined company.

Billionaire Larry Ellison — Paramount’s largest stockholder — appears on a virtual call with Zaslav, who is joined by Malone, Warner’s chairman emeritus. The men discuss Paramount’s interest in Warner Bros. and Zaslav makes his case that his plan to separate Warner into two companies will “unlock” more value for shareholders.

Zaslav sends a letter to David Ellison saying Warner’s board unanimously rejects Paramount’s offer as “inadequate.” The company is plans to continue on its path to break Warner into two separate companies. Later, David Ellison calls Zaslav and asks him to speak with his father.

Warner Bros. Discovery board meets to discuss Ellison’s overture. Board members believe the Paramount proposal “significantly undervalued” Warner, in part, because the Paramount deal was heavily tied to Paramount’s stock price which had soared following the leak of the company’s interest in Warner.

Zaslav welcomes Paramount CEO David Ellison to his Beverly Hills home, where Ellison outlines his company’s proposed $19-a-share offer. Paramount says it would pay with 60% in cash and 40% in Paramount stock. Ellison follows up the meeting with a letter outlining Paramount’s bid.

Paramount’s board votes unanimously to make a bid for Warner Bros. Discovery.

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Nov. 20, 2025

Wall Street Journal reports that Paramount is preparing an bid for Warner Bros. Discovery. The story surprises Warner executives who said they were unaware Paramount was poised to strike. Warner shares soar nearly 30%.

Paramount Pictures in Hollywood.

(Al Seib / Los Angeles Times)

David Ellison and RedBird Capital Partners complete their long-planned $8-billion takeover of Paramount Global, ushering in the Ellison era at the Melrose Avenue studio. Almost immediately, Paramount’s board meets to discuss plans to go after Warner Bros.

Federal Communications Commission, including its Chairman Brendan Carr, approves the Ellison firm Skydance as the new owner of Paramount, which includes CBS, MTV, Comedy Central and the Paramount Pictures movie studio. Carr’s approval comes three weeks after Paramount agrees to pay President Trump $16 million to settle a lawsuit he brought against CBS over edits of a “60 Minutes” interview prior to the 2024 election.

Netflix co-Chief Executive Ted Sarandos and his firm was coy about its interest in Warner Bros.

(Jordan Strauss / Invision / AP)

Warner Bros. Discovery board announces plans to split the company . It wants to spin off Warner Bros. film and television studios, HBO and HBO Max into a company called Warner Bros. The second entity is to be renamed Discovery Global, and include Warner’s basic cable channels, including CNN, TBS, TNT and HGTV.

After nearly a year of wooing, tech scion David Ellison and his Skydance Media sign a deal with heiress Shari Redstone to buy her struggling media company, Paramount.