The corporate media war just got nastier.
On December 10, 2025, Paramount threw down a massive gauntlet, issuing a fiery letter to Warner Bros. Discovery shareholders while pushing a $108.4 billion counteroffer to derail Netflixs grip on a deal that wouldve changed the entire entertainment landscape. And yes, AEW fans should be paying very close attention.
The letter, sent by Paramount Skydance CEO David Ellison, made it crystal clear: theyre not backing downand theyre going straight to the shareholders with their $30-per-share all-cash tender offer. Ellisons message? Ditch Netflix, were offering more money, more certainty, and less red tape.
Paramount took direct aim at the Netflix deal, breaking down why they believe the rival offer is shaky at best. The letter claimed Netflixs cash component is $18 billion less than Paramounts and questioned the stocks recent plunge, citing volatility and uncertainty in the tech sector.
Ellisons team also accused Warner Bros. Discovery of rushing into a backroom deal with Netflix while ignoring six separate proposals from Paramount over 12 weeksincluding one with full financing, backstopped by the Ellison familys $250 billion trust.
And thats not all. Paramounts press release hammered the regulatory risks Netflix faces, especially in Europe where the streaming giant controls over half the OTT subscription revenue. The letter insists Netflixs plan to merge with HBO Max would give it nearly 43% market share and invite antitrust nightmares.
Meanwhile, Paramount promises quicker regulatory approval, a $5 billion reverse termination fee as a safety net, and zero plans to slash content or dismantle creative teams. Ellison emphasized that the $6 billion in projected cost savings wont come from gutting studios or theatrical output.
As of now, shareholders have until January 8, 2026, to tender their shares to Paramount. The clock is tickingand the outcome of this corporate shootout could redefine not just Hollywood, but the future of pro wrestling as AEWs fate hangs in the balance depending on who ultimately controls TNT and TBS.
Whether its Netflix or Paramount that comes out on top, one things clear: AEW may need to start scouting a new home, fast.
What do you think? Should AEW ride the Netflix waveeven with WWE already on boardor would Paramounts vision provide a better long-term fit for pro wrestling? Drop your thoughts in the comments and let us know who youre backing in this billion-dollar showdown.
