The battle for Warner Bros

The rivalry between Netflix and Paramount over Warner Bros. would represent one of the most significant moments in the consolidation of the global media market in the last decade. It is not just about the acquisition of another studio, but a strategic clash between two different models of film and streaming business – Netflix's digitally oriented, data-driven approach and Paramount's more traditional studio model, which is trying to adapt to the streaming era without completely abandoning linear television and film distribution.

For Netflix, Warner Bros. would primarily mean an immediate strengthening of its catalog with exceptionally strong IP—from DC Comics to Harry Potter to an extensive library of films and series. The acquisition would allow it to reduce its dependence on external content licensing and stabilize production costs in the long term. At the same time, however, it would represent a fundamental change in its current philosophy: Netflix has so far avoided owning "old" studios with complex structures, unions, long-term contracts, and high fixed costs. The integration of Warner Bros. would therefore carry significant operational and regulatory risks.

Paramount, on the other hand, would enter the fray from a more defensive position. Acquiring Warner Bros. would enable it to achieve critical mass, which would increase Paramount+'s chances of survival in an environment where the market is gradually polarizing between a few global platforms and the rest. Synergies would be primarily on the content, distribution, and marketing side, but less so in the areas of technology and data analytics, where Netflix remains clearly ahead. At the same time, the financial leverage of the entire group would increase significantly, which would be a non-negligible risk in an environment of higher interest rates.

The broader implications for the market are twofold. First, such a transaction would confirm that the phase of "streaming wars" based on subscriber growth is definitively coming to an end and being replaced by a phase of tough consolidation focused on cash flow and return on investment. Second, it would further weaken the position of medium-sized studios and platforms, which would find it difficult to survive without a strong global brand or unique content. The result would be a market with fewer players, higher concentration, and probably less willingness to take risks with innovative but commercially uncertain content.