EU to hold parallel antitrust review of Netflix & Paramount bids for Warner Bros. Discovery

European Union antitrust regulators are expected to examine rival takeover bids for Warner Bros. Discovery by Netflix and a Paramount-Skydance group at the same time, Bloomberg reported on Wednesday.

The competing offers would place major entertainment assets under review, including DC Comics, franchises such as ‘Friends’ and ‘Batman,’ and the HBO Max streaming service. The outcome could affect the balance of power in the global entertainment industry.

According to the report, the EU is considering parallel reviews because both bids are progressing on similar timelines and the bidders have already held preliminary discussions with the bloc’s merger watchdog. A simultaneous review could give EU regulators greater influence over the outcome.

Regulators could clear one proposal quickly while subjecting the other to a longer investigation or require remedies, potentially shaping which bidder gains an advantage.

Netflix on Tuesday revised its $82.7 billion offer, shifting to an all-cash bid of $27.75 per share, a move aimed at speeding up the deal and addressing investor concerns tied to its earlier stock-and-cash proposal. The Warner Bros. Discovery board has unanimously supported the revised offer.

Any deal is expected to face extensive antitrust scrutiny from regulators in the United States, the European Union and the United Kingdom.