Paramount announced an unprecedented move in Hollywood by launching a hostile public bid to acquire Warner Bros. Discovery, while also pledging that, if the deal goes through, it will strengthen theatrical exhibition with more than 30 film releases per year and maintain “healthy traditional windows” before streaming. The promise was communicated during a call with press and investors, in which the company emphasized its conviction that the future of the entertainment business still largely depends on the big-screen experience.
The move is seen as a direct response to Netflix’s proposal, which reached a preliminary agreement to acquire Warner Bros. and HBO for $82.7 billion. The streaming giant’s strategy—prioritizing digital premieres and minimizing theatrical releases—had raised concerns within the creative community over fears that taking control of one of Hollywood’s major legacy studios could further weaken movie theaters. Although Netflix has stated it will honor existing theatrical commitments for Warner Bros. films and maintain limited theatrical runs for some features, its co-CEO Ted Sarandos suggested that exclusive theatrical windows will “evolve” to be “more consumer-friendly.”
In contrast, Paramount highlighted its intention to drive a stronger, cinema-focused industry. David Ellison, chairman and CEO, defended the cultural importance of the medium and said his vision is about building more rather than cutting back: more opportunities for creators, more value for shareholders, and more choice for audiences. Since Skydance took control of Paramount, the company has been working to restore the studio’s box office strength, with a plan to gradually increase theatrical releases to 18 per year by 2028.
Paramount’s offer is entirely in cash and includes the full acquisition of Warner Bros. Discovery—including its television networks such as CNN, TNT, and TBS—unlike Netflix’s proposal, which would separate and spin off parts of the cable business. Paramount’s goal is to appeal directly to WBD shareholders with a proposal it considers more stable, more valuable, and more aligned with preserving Hollywood’s cinematic legacy.
The battle over one of the entertainment world’s most iconic brands marks a new chapter in the industry’s rapid transformation, where the balance between streaming and the big screen has become the core of creative and corporate debate. In this fight for the future of cinema, Paramount is making a bold and unequivocal statement: movie theaters are not only alive, but deserve to grow.
