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Warner Bros has agreed a binding merger deal with Netflix for its film and streaming business, offering a deal worth $72bn. Shortly after, Paramount returned with a higher bid to acquire the entire Warner Bros group at over $108bn. On paper, the numbers look compelling. In practice, the deal structure, funding, and risk profile tell a very different story.
Two competing offers are on the table, with Netflix seeking only Warner Bros’ film and streaming assets, while Paramount wants to buy the whole company. Deal structure matters, as selling assets is legally and commercially different from selling shares in the entire business. Risk and funding sit at the centre of the decision, with Paramount’s bid relying heavily on debt and Netflix viewed as the more financially stable counterparty for the company’s longevity.
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