The media world barely had time to process Netflix’s blockbuster bid for Warner Bros. Discovery before another twist arrived — and a dramatic one at that. Paramount has stormed back into the fight with a significantly larger and far more aggressive offer to take control of WBD, signalling that the battle for one of Hollywood’s biggest studios is far from over. This new bid is not just higher in value; it’s explicitly hostile, a clear sign of how crucial WBD’s content library, brands, and global footprint are to any major player hoping to survive the next decade of media consolidation.

In its $108.4 billion takeover offer, Paramount Skydance revealed that among its backers is Affinity Partners — the private equity firm headed by Jared Kushner, the son-in-law of Donald Trump. This adds a heavy dose of political intrigue to what would otherwise read as a purely business — and financial — move. In addition to Affinity Partners, the bid is backed by significant capital commitments from the family of David Ellison — namely the Ellison family and long-time investor group RedBird Capital — plus large-scale debt financing from major banks including Bank of America, Citi and Apollo Global Management. Paramount’s public filing makes a point of stating that outside investors like Affinity Partners and the Gulf sovereign-wealth funds will forgo governance rights (board seats and control).

Where Netflix’s proposed takeover raised eyebrows for its sheer scale, Paramount’s new move raises every eyebrow for a completely different reason: the politics behind it. The reports that Trump’s son-in-law is involved in the financing structure of Paramount’s revised offer is surely a coincidence, right? Absolutely no reason at all to imagine that political connections might help grease the wheels of a mega-merger worth over a hundred billion dollars. None whatsoever.

Regardless of the political theatrics, Paramount clearly sees WBD as a make-or-break asset. Its own streaming platform has faltered, its cable networks continue to decline, and its film division — while still capable of hits — lacks the franchise depth of Warner Bros. Bringing WBD under its umbrella could instantly transform Paramount into a genuinely heavyweight competitor, with DC, HBO, Warner Bros. Pictures, Discovery, and countless global TV networks boosting its portfolio overnight. It would be the kind of “instant upgrade” that Paramount has simply been unable to achieve organically.

Yet the irony here is thick enough to slice. While Paramount aggressively pursues WBD, Netflix — the company that initially set the streaming revolution in motion — may now find itself facing significant regulatory scrutiny for its own bid. Regulatory bodies in both the US and European Union are likely to worry about Netflix controlling not only the world’s largest streaming service but also the immense Warner Bros. and HBO catalogues. Critics argue that such a merger could reduce competition, raise prices, and give Netflix a near-unbreakable grip on premium entertainment globally. Paramount’s own takeover attempt, by contrast, may be viewed as less monopolistic, simply because both companies are smaller players fighting for survival.

And that’s where the politics become even more interesting. If Paramount’s bid is seen as the more “acceptable” or “manageable” option for regulators — especially with a bit of friendly nudging from well-positioned political allies — Netflix could find itself boxed out of a prize it desperately wants. The result? A battle not just of dollars and content libraries, but of influence, timing, and regulatory manoeuvring.

What’s certain is that WBD has become the crown jewel of global media consolidation, and everyone wants a piece. Netflix’s bid shocked the industry. Paramount’s bid has now electrified it. And whichever direction this drama unfolds, the repercussions for streaming, sports rights, film franchises, and global entertainment will be felt for years.

The first chapter of this takeover saga was dramatic enough — but the sequel is already shaping up to be even better.