Now Streaming: Warner Bros. urges shareholders to reject Paramount bid

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

PLAYING THIS WEEKEND: This week’s most notable new streaming content was the first episode of season two of post-apocalyptic television series “Fallout.” The series, which is based on the Bethesda (MSFT) video game franchise of the same name, can be viewed on Amazon Prime Video (AMZN). Additionally, Netflix (NFLX) subscribers this weekend can catch season two of cooking competition show “Culinary Class Wars” as well as season five of romantic comedy drama series “Emily in Paris.”

WARNER BROS./PARAMOUNT: On Wednesday, Warner Bros. Discovery (WBD) announced that its Board of Directors has unanimously determined that the tender offer launched by Paramount Skydance (PSKY) on December 8, 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 announced on December 5, 2025. The Warner Bros. Discovery Board unanimously reiterates its recommendation in support of the Netflix combination and recommends that WBD shareholders reject PSKY’s offer.

“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals. We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.”

In response, Paramount Skydance affirmed its commitment to acquiring Warner Bros. Discovery. “Paramount’s offer provides WBD shareholders superior value compared to the transaction with Netflix, including the certainty of 100% cash and no exposure to equity market fluctuations: Paramount’s offer is $30 per share in cash versus Netflix’s cash component of only $23.25 per share, an $18 billion difference in the aggregate; The value of Netflix’s offer has been further reduced as its share price trades below the bottom of the “collar” on its stock component; Netflix’s offer would leave WBD shareholders owning a highly leveraged stub in Global Networks and WBD’s Board provides no valuation of that stub; and Netflix’s offer has a dollar-for-dollar reduction to what WBD shareholders will receive tied to the net debt on Global Networks. Paramount is highly confident its offer would receive timely regulatory approval because it would enhance competition in the creative industries rather than entrench a dominant streaming monopoly that the Netflix transaction envisions,” the company stated.

YOUTUBE/OSCARS: In a blog post, Alphabet’s (GOOGL) YouTube said that, beginning in 2029, the Oscars will broadcast exclusively on YouTube for free globally and on YouTube TV in the U.S., plus feature red carpet coverage, behind-the-scenes content, and Governors Ball access. Google Arts & Culture will also provide digital access to select Academy Museum exhibitions and help digitize the Academy Collection. ABC (DIS) still has rights to the telecast through 2028, Variety’s Rebecca Rubin reported earlier.

NETFLIX PODCASTS: Netflix continues to expand its video podcast efforts, announcing with iHeartMedia (IHRT) this week an exclusive video podcasting partnership for more than 15 original iHeartPodcasts. The agreement includes all new episodes from the podcast lineup, as well as select library episodes from each show. New video podcast episodes will launch on Netflix in early 2026 in the U.S., with more markets to follow, the companies said.

Additionally, Variety’s Todd Spangler reported this week that Netflix has hired longtime ESPN anchor Elle Duncan as its first on-air sports host in a multiyear deal. Duncan, known for her work on ESPN’s “SportsCenter,” “College GameDay” and “WNBA Countdown,” will also cover other live events for the company, according to the report.

DISNEY+/META: Earlier this week, Meta (META) announced the launch of Disney+ on Meta Quest headsets. “Watch hit movies like Freakier Friday, Original series like Andor, classic films, throwback TV shows, fan favorites like The Simpsons, and so much more,” the Facebook parent said. “From watching holiday classics like Home Alone to a Marvel movie marathon, there’s always something new to discover. Looking for an elevated cinematic experience? Because Quest is Dolby-enabled, all Disney+ US subscribers can enjoy select titles in Dolby Vision 4K HDR in-headset. For immersive Dolby Atmos sound, simply upgrade to a Disney+ Premium subscription, which also lets you download content on up to 10 devices – making Quest the perfect companion for staycations and vacations alike.”

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