Our focus isn't on the console wars these days, and while Sony and Microsoft continue to tussle away in the background, it's the streaming wars that have our attention in 2026.
As we tighten our belts more than ever before, it was inevitable that there were going to be some casualties as the bubble threatened to burst. Cinema has failed to return to its pre-pandemic profits, and although there are predictions that it'll eventually get there by 2029, streaming services are also being blamed for the sluggish climb.
There are complaints that the looming Warner Bros. Discovery deal could hamper things further, with the likes of Leonardo DiCaprio speaking out about why Netflix purchasing the media giant might not be the best idea.
Alongside stars including DiCaprio, Jane Fonda, and Christopher Nolan airing their concerns, a consortium of top names has anonymously signed a letter opposing the acquisition. While that might fall on deaf ears when it comes to execs, Paramount has continued to dig its heels in and threaten legal action as its repeated offers continue to be rejected by WBJ.
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Although the ink is still wet, Netflix is set to own IPs ranging from The Lord of the Rings to the Wizarding World, HBO's groaning catalog of stellar shoes, to all things DC Comics – yes, that means Batman could be heading to Netflix.
Netflix has faced its own issues with rising subscription costs, AI complaints, and a typically tiny theatrical release window. This is where many of the complaints have come from, fearing that box office Goliaths like potential future Dune movies would only hit cinemas for a brief time before ending up on streaming.
Despite opposition only seeming to grow, one Netflix exec has predicted an even more devastating landscape if Paramount lands the deal.
Speaking to Fox Business, Netflix‘s chief global affairs officer said Paramount Skydance buying Warner Bros. Discovery would lead to a $6 billion loss in terms of human jobs.
Discussing the Department of Justice's 'ordinary' investigation of the Netflix deal, Clete Willems told Liz Claman (via The Hollywood Reporter) that his streamer remains the best option here.
Suggesting that Paramount would have a 'Noah's Ark problem' if it bought WBD because it would have two of everything, Willems is adamant that Netflix can boost the studio's profile.
Willems claims Paramount Skydance has outlined $6 billion in synergies with Warner Bros. Discovery, compared to between $2 billion and $3 billion with Netflix: "We’re tripling jobs, while Paramount has cut 3,500 jobs in recent years. Paramount has identified $6 billion in synergies in the offer that they made, which is code for $6 billion in job cuts."
This could be a conservative estimate, with Willems adding: "Quite frankly, we think it’s going to be even more than that, because this is going to be the largest leveraged buyout in history. And so they’re going to have to cut, cut, cut."
Willems concluded: "They’re going to have two studios. They’re going to have two theatrical businesses. And Hollywood’s going to go from five legacy studios to four. We don’t have that problem.”
Despite all of this, David Ellison's Paramount Skydance continues to lobby WBD. In the sweetened deal that expands on the $30 per share all-cash offer, Paramount Skydance says it will pay Netflix's $2.8 billion termination fee, as well as give WBD shareholders a 'ticking fee' of 25 cents a share ($650 million) for each quarter the deal doesn't close after December 31, 2026.
While Netflix remains steadfast in the idea that it's the best option, Paramount Skydance doesn't look like it's going down without a fight.