Netflix Moves on Warner Bros as Paramount Reportedly Begs Congress to Block the Deal
Netflix has surged ahead to seize control of WBD’s operations as the bidding war nears its end, The Wrap reports, while Variety says filmmakers and studios are already scrambling for position.
Here is the latest twist in the never-ending corporate Hunger Games: Netflix has reportedly surged to the front of the pack to take over Warner Bros. Discovery, and a bunch of powerful film folks are not thrilled about it. Per The Wrap and Variety, a coalition that includes filmmakers, producers, studios, and assorted execs has fired off a letter to Congress asking lawmakers to slam the brakes.
What the letter says is at stake
Variety reports the letter went in under the banner of 'concerned feature film producers' and argues that letting Netflix absorb WBD would be a death blow to the theatrical movie business as we know it. Their core worry: a Netflix-owned WBD would pivot hard to streaming, shrinking the time Warner Bros. films play in theaters to a token run before hustling everything onto a combined Netflix/HBO Max-style platform.
The letter warns that if Netflix takes control of WBD, 'the film industry as we know it will be over.'
Sources cited by Variety say the scenario being tossed around is a two-week theatrical window for major WB releases before they head to streaming. Given Warner Bros. is one of the few studios that can still move the needle globally, the letter argues that kind of shift would clobber cinemas in a way the market would not recover from.
How we got here: the bidding war
Until very recently, it did not sound like Netflix would be the buyer. Paramount was apparently willing to spend a massive $71 billion for WBD, according to Variety. But with Netflix now reportedly in pole position and a final deal said to be taking shape, Paramount’s plan has collapsed. That has sent a lot of behind-the-scenes conversations loud and public.
Paramount’s pitch vs. Netflix’s playbook
Per the trade reporting, Paramount’s plan was to let WBD keep real autonomy and commit to a minimum of 14 theatrical releases a year. The flip side: the chatter around their bid included talk of scrapping the current DCU, with James Gunn’s politics cited as the reason. Add in online speculation tying Donald Trump’s interests to a Paramount-led deal and you can see why some corners of the internet were convinced a Paramount-owned WBD would slant political. None of that is settled fact, but it fueled the discourse.
The vibe on social media? Chaotic. A bunch of users cheered Netflix just to watch Paramount miss out, while others blasted the idea of turning WBD into anyone’s political megaphone. There were also plenty of people pointing out the double standard of pearl-clutching over this deal when everyone shrugged at Disney buying Marvel and Lucasfilm, or Amazon taking MGM.
The fear around theaters, boiled down
- Netflix reportedly in the lead to acquire WBD (per The Wrap), with a final deal said to be forming.
- A producer/studio/executive coalition sent a letter to Congress (per Variety) urging lawmakers to block it.
- Concern centers on Netflix capping WB theatrical runs at roughly two weeks before sending films to a combined Netflix/HBO Max platform.
- Because WB is a top-tier theatrical engine, that shift could batter theaters far beyond a normal market correction.
- Paramount’s rival bid reportedly promised WBD autonomy and at least 14 theatrical releases annually, but online chatter around their politics/DCU plans turned a lot of fans off.
It is not just Netflix
For what it is worth, even if Netflix ultimately gets WBD, this is bigger than one buyer. Netflix has said before it is not chasing big theatrical expansion, and it leans on consumer data to guide what it funds and where it puts it. That feedback loop is powerful when your value prop is convenience and an endless library.
And the macro picture is brutal: the economy is soft, audiences are picky, and only a handful of event movies can pry people off the couch. Meanwhile, every major player runs a service that vacuum-ups films a few weeks after they hit theaters. Whether it is HBO Max, Disney+, Paramount+, or the rest, the race to feed streaming pipelines is what has really squeezed the theatrical window. Netflix might accelerate that if it owns WB, but it did not start the fire.
Bottom line: the deal is not done, but the stakes are real. If the Netflix/WBD reports hold, expect the next phase to play out not just in boardrooms, but in Congress too.