Now Streaming: Paramount reaffirms Warner Bros. Discovery offer

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

PLAYING THIS WEEKEND: This weekend’s most notable new streaming content is the first episode of season two of medical drama series “The Pitt,” which is available to stream on HBO Max (WBD). Meanwhile, HBO Max subscribers can also catch the new season of financial thriller series “Industry” on Sunday. Additionally, Peacock (CMCSA) subscribers can watch the new season of reality competition series “The Traitors,” hosted by Alan Cumming.

WARNER BROS./PARAMOUNT: On Wednesday, Warner Bros. Discovery announced that its Board of Directors has unanimously determined that Paramount Skydance’s (PSKY) tender offer, as amended on December 22, 2025, is not in the best interests of WBD and its shareholders and does not meet the criteria of a “Superior Proposal” under the terms of WBD’s merger agreement with Netflix (NFLX) announced on December 5, 2025. The Board unanimously reiterates its recommendation in support of the Netflix combination and recommends that WBD shareholders reject PSKY’s offer.

A day later, Paramount Skydance responded to the decision, reaffirming its $30 per share cash offer. “Paramount’s offer is superior to WBD’s existing agreement with Netflix (and represents the best path forward for WBD shareholders. $30.00 per share in cash is easy to value. Netflix’s transaction, on the other hand, contains multiple uncertain components and has already decreased in total value… Paramount’s analysis shows the total value of the Netflix transaction to WBD shareholders today is $27.421 – unmistakably inferior to Paramount’s $30.00 in cash.” David Ellison, Chairman & CEO of Paramount said: “Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion. Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process.”

PARAMOUNT STREAMING HEAD: Meanwhile, Business Insider reported this week that the head of Paramount Skydance’s streaming product and tech is leaving the company. Vibol Hou told colleagues in the company’s streaming tech Slack channel that he’s leaving Paramount at the end of January. “After nearly 12 years of exhilarating work pushing our businesses to new heights, it feels like the right time to hand the torch to the next wave of leaders while I take a much-needed pause to rest, focus on my health (including some serious marathon training), and spend more time with my family before I jump into whatever comes next,” Hou wrote in the Slack message, which was viewed by Business Insider.

MTV: In other Paramount news, the company is seeking to breathe new life into MTV and is turning to the music industry for support, Lucas Shaw of Bloomberg reported. The company has held discussions with several major firms and music industry executives about selling a stake in the cable network, according to people familiar with the matter. Paramount has reportedly brought in financial advisers to help find a strategic partner willing to invest in MTV while also contributing assets such as music rights or relationships with artists.

AMAZON NFL GAMES: On Monday, Amazon (AMZN) said that its streamed broadcasts of Thursday Night Football games this season averaged 15.33M viewers throughout the 15-game slate. The company said that figure makes it the “most-watched season to date across the 20-year history of the NFL’s Thursday Night Football package.”

ROKU: Roku (ROKU) CEO and chairman Anthony Wood believes the first 100% AI-generated “hit movie” will debut within the next three years, believing generative AI is going to impact the media industry by lowering the cost of content creation, Jennifer Maas of The Variety reported, citing comments made by Wood. Additionally, Wood notes the creation of the $3-per-month ad-free streaming offering is not meant to replace other larger streaming services, but to provide customers with the option of ad-free access to its content.

The report came a day after Evercore ISI upgraded Roku to Outperform from In Line with a price target of $145, up from $105. The company has a number of catalysts in 2026, including Amazon demand-side platform integration, growth of Roku Ad Manager, and a new premium subscription channels within The Roku Channel experience. Evercore expects the company to expand its margins and notes it is pivoting to GAAP profitability on a trailing 12 month basis in Q4 of 2025. Roku should be eligible for index inclusion, and “should be a solid candidate for the S&P MidCap 400,” contends Evercore.

HULU/’TOXIC AVENGER’: Cineverse (CNVS) announced that streaming rights to “The Toxic Avenger” have been acquired by Hulu (DIS). The films SVOD premiere will be on Thursday, January 8, 2026. Following the exclusive window, fans will be able to watch the film on other SVOD and FAST streamers, including Cineverse’s flagship horror channel, Screambox.

STOCK PLAYS: Other publicly traded companies in the space include Apple (AAPL), FuboTV (FUBO), Fox (FOXA), and AMC Networks (AMCX).