Paramount acquires Warner Bros Discovery in mega deal: the winners, losers and Trump’s man in the middle

Netflix’s planned acquisition of Hollywood studio Warner Bros Discovery (WBD) has fallen apart at the eleventh hour, as Paramount Skydance has made a “superior” proposal to buy the conglomerate for A$156 billion.

While the independence of the companies following the acquisition is unclear, Paramount Skydance CEO David Ellison has already discussed plans to merge the portfolios of streamers Paramount+ and HBO Max to compete with Netflix.

Netflix withdrew from the process following Paramount Skydance’s proposal. It said WBD would have been “‘nice to have’ at the right price, not a ‘must have’ at any price”.