Netflix and Paramount executives met separately with European Commission officials to discuss antitrust approvals for their bids for Warner Bros. Discovery. Regulators expressed concerns about Netflix's potential scale post-merger in the EU but were generally receptive. Paramount received a "second request" from US regulators, while Netflix may raise its offer to an all-cash bid.
The immediate issue is regulatory clearance: both bidders are trying to de-risk their Warner Bros. Discovery offers before the process hardens around antitrust review. The competitive angle is that Netflix appears to be moving toward an all-cash bid while Paramount is resisting a price increase, and WBD has not labeled either offer “potentially superior.” What to watch next is whether Netflix formally lifts its bid structure and whether US regulators expand beyond Paramount’s second request into a broader review of Netflix.
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