acquisitions

Under a Paramount-WBD merger, two struggling media giants would unite

acquisitions, cable, HBO Max, mergers, netflix, paramount plus, Paramount Skydance, Policy, streaming, Tech, warner bros. discovery / Paul Patrick / February 27, 2026

A successful Paramount-WBD merger would be the largest streaming merger ever and would lead to further consolidation in the industry.

“What started as a fragmented but flexible streaming ecosystem is increasingly trending toward rebundling—fewer, larger super-platforms offering broader catalogues at higher price points,” Mathur said.

Paramount holds on to cable

Paramount’s WBD bid is unique in its aggressive push for cable channels, which are struggling with viewership and advertising revenue. Under a WBD merger, Paramount would add networks like HGTV, Cartoon Network, TLC, and CNN to its linear TV lineup, which currently includes Comedy Central, Nickelodeon, and CBS.

Although Paramount and WBD’s cable businesses are both in decline, they are both profitable. Paramount’s TV/media business, which includes its cable channels and production studios, reported $1.1 billion in adjusted OIBDA in Q4 2025. WBD’s cable business posted adjusted EBITDA of $1.41 billion that quarter.

Ultimately, a Paramount-WBD merger would put diversity of viewpoints at risk. Under Ellison’s ownership, CBS News has adjusted its approach with new editor-in-chief Bari Weiss. There have also been concerns about censoring CBS under Ellison’s Paramount, including from Stephen Colbert, who said this month that CBS forbade him from interviewing Texas Democratic Senate candidate James Talarico; CBS denied Colbert’s claim. Further, Paramount could have a lasting impact on CNN, including costs, layoffs, and coverage.

More to come

Regulatory scrutiny will be at the center of Paramount and WBD’s merger over the upcoming months. Federal approval is likely, but the merger also faces European regulation and potential state lawsuits. The theater industry is also lobbying against Paramount’s WBD merger.

Should a Paramount-WBD merger ultimately be greenlit, two declining businesses will be challenged to form a profitable one. Even with regulatory approval, Paramount-Skydance-Warner-Bros.-Discovery faces an uphill climb.

Although the bidding war may be settled, the fight for WBD is only beginning.

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Netflix cedes Warner Bros. Discovery to Paramount: “No longer financially attractive”

acquisitions, cable, HBO Max, mergers, netflix, paramount, paramount plus, Paramount Skydance, Policy, streaming, Tech, warner bros. discovery / Tim Belzer / February 27, 2026

On Thursday, WBD’s board deemed Paramount’s revamped offer “superior,” giving Netflix four business days to match it. But that same day, Netflix, which had recently emphasized its willingness to walk away from mergers it deems overly expensive, said it would no longer pursue the acquisition.

A statement from Netflix co-CEOs Ted Sarandos and Greg Peters issued last night said:

The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.

The CEOs added that the WBD merger “was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

Netflix and Paramount’s stock have continuously declined since Netflix announced its planned merger. Following yesterday’s announcement, Netflix shares rose by more than 10 percent in after-hours trading, and Paramount shares increased by 5 percent.

In a statement quoted by The Hollywood Reporter yesterday, WBD President and CEO David Zaslav said, “Once our board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders. We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery and can’t wait to get started working together telling the stories that move the world.”

The article was edited to correct ticking fee information.

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WBD says Paramount’s new, higher offer could be “superior” to Netflix’s

acquisitions, HBO Max, mergers, netflix, Paramount Skydance, streaming, Tech, warner bros. discovery / Rejus Almole / February 24, 2026

Paramount Skydance increased its bid for Warner Bros. Discovery (WBD) from $30 per share to $31 per share, WBD said today. Amid a competing offer from Netflix for WBD’s movie studios and streaming businesses, WBD said that Paramount’s new bid “could reasonably be expected to lead to a ‘Company Superior Proposal.’”

Under its revamped offer, Paramount would also pay the $7 billion regulatory termination fee that would arise should a Paramount-WBD merger fail to close due to antitrust regulation.

The company owned by David Ellison also said it would pay $0.25 per share for every day the deal doesn’t close, starting on September 30, rather than the previous start date of December 31.

Paramount previously agreed to pay the $2.8 billion termination fee that WBD would be subject to if it canceled its merger deal with Netflix.

Netflix has offered $27.75 per share for a smaller part of WBD’s overall business. Netflix is looking to pay all-cash for WBD’s film studios, intellectual property, HBO, and streaming services, including HBO Max, but not any of WBD’s other cable channels.

WBD’s board has not decided if Paramount’s revamped offer is better than what Netflix has offered. If the board makes that determination, Netflix will have four days to present a better offer.

It’s unclear if Netflix would be willing to pay more for WBD’s streaming and movie businesses than what it’s already offered. The streaming giant hasn’t commented on Paramount’s new offer yet, but on Friday, co-CEO Ted Sarandos told Variety that the people in charge of Netflix are “super-disciplined buyers.”

“We have a reputation for such so that I’m willing to walk away and let someone else overpay for things. We have a rich history of that,” he added.

Regardless of the ultimate buyer, any WBD merger is expected to face intense regulatory scrutiny, lead to higher subscription prices, and have a lasting impact on Hollywood.

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Streaming service Crunchyroll raises prices weeks after killing its free tier

acquisitions, anime, Sony, streaming, Tech / Tim Belzer / February 2, 2026

Crunchyroll is one of the most popular streaming platforms for anime viewers. Over the past six years, the service has raised prices for fans, and today, it announced that it’s increasing monthly subscription prices by up to 20 percent.

Sony bought Crunchyroll from AT&T in 2020. At the time, Crunchyroll had 3 million paid subscribers and an additional 197 million users with free accounts, which let people watch a limited number of titles with commercials. At the time, Crunchyroll monthly subscription tiers cost $8, $10, or $15.

After its acquisition by Sony, like many large technology companies that buy a smaller, beloved product, the company made controversial changes. The Tokyo-based company folded rival Funimation into Crunchyroll; Sony shut down Funimation, which it bought in 2017, in April 2024.

In the process, Sony erased people’s digital Funimation libraries that Funimation originally marketed as being available “forever, but there are some restrictions.” Sony also reduced the number of free titles on Crunchyroll in 2022 before eliminating the free option completely on December 31, 2025.

Crunchyroll gets more expensive

Today, Crunchyroll raised prices for its remaining tiers. The cheapest plan, Fan, went from $8 per month to $10 per month. The Mega tier, which allows for streaming from up to four devices simultaneously, went from $12 to $14. The Ultra tier, which supports simultaneous streaming across six devices and includes access to the Crunchyroll Manga app, increased from $16 to $18.

Current subscribers will see the changes after March 4. Crunchyroll is charging new customers the higher prices immediately.

Crunchyroll last increased prices in May 2024, when its Mega tier went from $10 to $12 and its Ultimate tier from $15 to $16. The Fan tier’s last price hike was in 2019.

Crunchyroll said that the higher prices would “give fans more of what they love.” Today’s announcement pointed to “recent and upcoming” changes: teen profiles and PIN protection; multiple profiles; the ability to skip intro theme songs and ending credits; and “expanded device compatibility.”

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Apple is snapping up one of the best non-Adobe image editors, Pixelmator

acquisitions, Apple, Pixelmator, pixelmator pro, Tech / Kris Guyer / November 1, 2024

Pixelmator, the Lithuania-based firm that makes popular Mac-based photo editing tools, has agreed to be acquired by Apple.

The company says that, pending regulatory approval, there will be “no material changes to the Pixelmator Pro, Pixelmator for iOS, and Photomator apps at this time,” but to “Stay tuned for exciting updates to come.” The Pixelmator team, now 17 years old, states that its staff will join Apple. Details of the acquisition price were not made public.

Fans of Pixelmator’s apps, which are notably one-time purchases, unlike Adobe’s tools, may be hoping that those “exciting updates” do not include the sublimation of Pixelmator into an Apple product at some future time, while the Pixelmator apps disappear.

Regulatory approval may not be a rubber stamp. Adobe had to abandon its $20 billion proposed acquisition of design software firm Figma after UK and European Union regulators signaled opposition to the deal and launched investigations. Similar objections from Europe arose over Amazon’s attempted purchase of iRobot, while Microsoft’s biggest acquisition ever, the $69 billion Activision Blizzard purchase, found a way through.

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