Hollywood's biggest M&A war reshapes global media landscape as Korea watches anxiously
David Ellison Extends Tender Offer to Feb. 20, Vowing "We're Not Giving Up"
January 22, 2026
The fight for Warner Bros. Discovery (WBD), a 102-year-old studio powerhouse, is heating up as global streaming giant Netflix and integrated media company Paramount Skydance wage a fierce bidding war over a deal worth over $100 billion. The outcome will not only reshape Hollywood but also profoundly impact the Korean entertainment industry, which has become increasingly dependent on Netflix's investment.
On Thursday, Paramount Skydance announced it was extending the deadline for its $30-per-share all-cash tender offer for WBD to February 20. David Ellison, Paramount's CEO, emphasized that "our $108.4 billion enterprise value offer is significantly superior to Netflix's $82.7 billion deal, providing WBD shareholders with a better choice."