Netflix wants to buy Warner Bros. and HBO, but Paramount refuses to go away, launching a hostile bid. Here's a timeline of key developments.

Warner’s board on Wednesday urged shareholders to back the deal it struck with Netflix to sell its studio and streaming business for $72 billion. Meanwhile, Skydance-owned Paramount is moving forward with its hostile $77.9 billion bid for a full takeover of the company, including networks like CNN.

After Paramount clarified its all-cash offer to acquire Warner Bros. Discovery, a WBD shareholder asked Netflix to revise its offer.

The streamer's co-CEO made a surprise appearance at a Tuesday night event in Paris, organized by Canal+ Group.

Warner Bros. and Netflix leaders put on a show of force Wednesday when Netflix co-CEOs paid a visit to the Warner Bros. lot in Burbank.

Warner Bros. Discovery's board told its shareholders that Paramount Skydance's offer "provides inadequate value" for the business.

Going into 2026, investors should monitor operating margin trends, cash flow generation, and commentary on content investment efficiency. Any sign that Netflix is losing discipline could signal pressure ahead. Netflix enters 2026 with an enormous opportunity and equally significant risk.

Viacom and Paramount chief is as proud of his new book as he is aghast at MTV leadership. "They've run it into the ground over the last 15 years."