Project Warrior: How Paramount Beat Netflix in $110bn Battle for Warner
Paramount’s acquisition of Warner is a significant move in the streaming and entertainment industry. The deal, valued at $110 billion, outbids Netflix’s offer of $27.75 per share. The acquisition is expected to boost Paramount’s revenue to $30 billion in FY 2026, with a 4% YoY growth.
Key Highlights
- The deal adds approximately 25,000 titles to Paramount’s library, including ‘Harry Potter,’ ‘Game of Thrones,’ and DC Universe.
- Paramount+ is projected to reach 90 million subscribers in 2026, with a market share of around 10%.
- The acquisition is expected to generate over $1 billion in incremental ad revenue through 2027.
Competitive Landscape
The deal reshapes the competitive landscape in the streaming and entertainment industry. Paramount’s revised bid values Warner at approximately $110 billion, outbidding Netflix’s offer. If successful, Paramount will control the largest combined library among pure-streaming rivals, forcing Netflix to double-down on original spend or pursue its own M&A.