Netflix subscribers had hoped to watch Harry Potter on their platform. However, despite being in exclusive negotiations to acquire the iconic Hollywood studio Warner Bros for $82.7 billion, the streaming video leader did not outbid Paramount Global’s final offer of $110 billion.
The potential merger between Paramount and Warner, subject to antitrust scrutiny, would mark a new chapter in the consolidation of entertainment majors. It would bring together two studios behind major franchises like “The Lord of the Rings,” “Friends,” “Matrix” from Warner, and “Mission Impossible,” “Top Gun,” “Transformers” from Paramount.
With this acquisition, Paramount seems almost merging with its counterpart, given the similarities in both giants’ business models. While Warner’s 2024 revenue exceeds that of its buyer ($39 billion vs. $29 billion), they both derive most of their income and profits from their television segments and focus on developing their respective platforms (HBO Max and Paramount+).
By comparing only the entertainment divisions with competitors (excluding Disney’s theme parks and hotels accounting for 37% of its revenue), the future giant could become the undisputed leader in the sector.
However, consolidation often leads to reduced offerings. Production professionals fear a decrease in the number of films produced and team cuts, as seen after The Walt Disney Company’s acquisition of 21st Century Fox in 2019.
French cinema operators may also be affected since Warner and Paramount films represented 12% and 5% of total admissions in 2025.
The streaming landscape could also see changes. David Ellison, 43, head of Paramount-Skydance and future leader of the new entity, has expressed the intention to merge Paramount+ and HBO Max to better compete with industry giants like Netflix or Amazon Prime.
Furthermore, the concentration extends to media, as Paramount would acquire CNN, a pioneer of continuous news in the U.S. and a strong critic of Donald Trump, whose views Ellison shares.
Journalists fear a fate similar to CBS employees a year ago since Ellison took over Paramount and made significant changes, including appointing a conservative journalist to a leadership position.
Ellison’s father, Larry Ellison, the third wealthiest person globally and founder of Oracle, a major database management firm, was also one of the top Republican donors in 2022, contributing over $31 million.
