Netflix and Paramount battle a $108 billion bid for Warner Bros Discovery, aiming to reshape global OTT to fold CNN and HBO Max into Paramount+.
Entertainment Team
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Netflix and Paramount Vie for Warner Bros Discovery in $108B Bid Reshaping Global OTT
Netflix and Paramount are waging a high-stakes bid for Warner Bros Discovery, aiming to acquire the studio with a reported $108 billion offer that dwarfs Netflix's $72 billion proposal for its film, TV, and OTT assets. Paramount wants to seal the deal in one shot, including CNN and the cable TV assets under Warner Bros Discovery. The catalog reads like a film and TV history lesson with flagship franchises such as Friends, Superman, Batman, The Lord of the Rings, Harry Potter, and Game of Thrones among its holdings. If Paramount wins, Paramount+ would gain direct access to Warner Bros Discovery content via HBO Max, boosting it in the streaming wars. Either outcome would reorder the global OTT market.
Warner Bros Discovery is valued for its century of IP, a pull that would matter beyond a single platform. The deal would ripple through Korea’s content scene, which operates in a tightly linked system with global platforms already shaping where money flows and how content is distributed. Industry chatter warns that a Netflix victory could hasten theater declines by weakening holdbacks or loosening theatrical release norms. A broader shift in distribution models would affect how Korean producers strike deals with international platforms and monetize local content. Luminate notes that Korea ranks second only to Canada as a destination for overseas production of U.S. TV series, underscoring the link between U.S. capital and Korea’s content production.
Back home in Korea, streaming MAUs reveal a fierce contest and changing fundamentals. Netflix remains the top platform, followed by Coupang Play and TVING, with Wavve and Disney Plus trailing. The market is tested by cyber incidents and corporate upheavals, including hacks that hit Coupang and KT. The long promised TVING and Wavve merger has stalled as KT’s decision-making falters after leadership shifts prompted by the hacks. Coupang Play holds exclusive domestic rights to Paramount and HBO content, a position that could be challenged if Warner Bros Discovery's assets come under a different umbrella. Watcha's financial troubles and Disney Plus's bundled strategy with TVING and Wavve add to a complex near-term scene, where a deal could still take years to finalize.
The strategic implications for Korea hinge on who wins. If Netflix secures Warner Bros Discovery, the company could position Korea as a central Asian hub while using K content to drive long-tail viewing around blockbuster franchises. Netflix Korea strategy is guided by data showing it reinvests global revenues into Korean productions because the domestic market alone cannot sustain massive shows like Squid Game. Han Jeong-hoon, CEO of K-Entertech Hub, notes Netflix could draw entry traffic with large franchises like Game of Thrones and then use K content to foster fandom and sustained engagement. If Paramount wins, an integrated Paramount+ and HBO Max could push into global markets, though the process would unfold over several years, limiting disruption in Korea. In any case, fans should expect a drawn out negotiation cycle that will shape how Korean producers collaborate with global platforms and how the next wave of Korean content is funded and distributed.