Paramount's 'Plan D' aims to outbid Netflix for Warner Bros

Entertainment Jan 11, 2026

Paramount and Skydance aren't giving up on buying Warner Bros. Discovery (WBD) just yet.
After WBD's board turned down their $30-per-share cash offer in favor of Netflix's slightly lower but mixed cash-and-stock deal, Paramount is rolling out "Plan D" to make their case.

Why does it matter?

This isn't just about big companies trading movie studios—who wins shapes the future of streaming.
Paramount is highlighting risks if WBD goes with Netflix, like possible antitrust crackdowns and delays that could hurt investors.
If Netflix succeeds, it could end up controlling both the #1 and #3 streaming platforms, which might trigger government pushback and regulatory scrutiny.