Warner Acquisition Battle 'New Phase'…Paramount Renegotiates While Netflix Pulls Out 'Theatrical Release' Card

◆Shaky Hollywood Giant, Heading to Netflix?

Ahead of the acquisition of Warner Bros. Discovery, Paramount and Netflix are both busy at work. Warner Bros. Discovery, a major distributor and media group representing Hollywood, has entered the sale process due to its inability to manage debts accumulated over the past few years. The acquisition battle, which has heated up the media industry since the end of 2025, has seen competition between the OTT platform Netflix and another major media group, Paramount Skydance, but recently, the weight has shifted towards Netflix acquiring it.

◆Paramount's Last-Minute Push and Netflix's Blueprint

However, recently, Warner Bros. Discovery announced that it has begun final negotiations with Paramount Skydance. The two companies will renegotiate regarding the acquisition until February 23.

On the other hand, Netflix, which promised a theatrical release instead of direct OTT access upon acquiring Warner Bros. Discovery, has announced its specific plans for theatrical releases moving forward. Netflix stated that if it acquires Warner Bros. Discovery, it will have an exclusive theatrical run for 45 days before transitioning to digital platforms, and then it will be released on its own and Warner's OTT platform HBO Max.

The Warner Bros. Discovery shareholders' meeting is scheduled for March 20, and since the negotiation deadline between Warner Bros. Discovery and Paramount Skydance is reported to be February 23, it seems that Warner's actions will be finalized within this month.