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Netflix Walks Away from Warner Bros Deal, Clearing the Path for Paramount 

The Paramount Pictures water tower is seen in Los Angeles, Dec. 18, 2025, with the Hollywood sign in the distance. (AP)
The Paramount Pictures water tower is seen in Los Angeles, Dec. 18, 2025, with the Hollywood sign in the distance. (AP)
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Netflix Walks Away from Warner Bros Deal, Clearing the Path for Paramount 

The Paramount Pictures water tower is seen in Los Angeles, Dec. 18, 2025, with the Hollywood sign in the distance. (AP)
The Paramount Pictures water tower is seen in Los Angeles, Dec. 18, 2025, with the Hollywood sign in the distance. (AP)

Netflix is walking away from its offer to buy Warner Bros. Discovery’s studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over its storied Hollywood rival.

On Thursday, Warner’s board announced that Skydance-owned Paramount’s latest offer to buy the entire company for $31 per share was superior to the agreement it had previously struck with Netflix.

Warner gave Netflix four business days to come up with a counteroffer — but Netflix instead responded less than two hours later, declining to raise its proposal. It said the new price it would have to pay made the deal "no longer financially attractive."

"We believe we would have been strong stewards of Warner Bros.′ iconic brands," Netflix's co-CEOs Ted Sarandos and Greg Peters said in a joint statement. "But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price."

A Paramount buyout of Warner Bros. Discovery would reshape Hollywood and the wider media landscape. And unlike Netflix — which was only eyeing Warner’s studio and streaming business — Paramount wants the entire company. That means HBO Max, cult-favorite titles like "Harry Potter" and even CNN could soon find themselves under the same roof as Paramount's CBS, "Top Gun" and the Paramount+ streaming service.

The prospect of such a combination, which will still need the green light from both Warner shareholders and regulators, poses both antitrust concerns and questions of political influence.

Netflix's decision to walk away on Thursday marks the latest development in a monthslong, messy corporate battle over Warner's future. Sarandos and Peters thanked Warner's leadership despite the final outcome.

Warner had repeatedly backed the deal it struck with Netflix since December right up until Thursday evening, when its board continued to recommend Netflix even while calling Paramount's bid valued at about $111 billion including debt "superior." Netflix had previously put a $27.75 per share offer on the table for Warner’s studio and streaming business, totaling nearly $83 billion including debt.

In a statement Thursday night, CEO David Zaslav said Netflix executives had been "extraordinary partners" and that he wished them "well in the future."

After months of a heated back and forth amid Paramount's hostile campaign to take over Warner without the board's blessing, Warner also changed its tune about the remaining prospective buyer.

Warner's board hasn't officially adopted Paramount's merger agreement yet, but once it does, Zaslav said it "will create tremendous value." He added that the company was "excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery."

Paramount did not immediately respond to requests for further comment. But CEO David Ellison earlier applauded Warner's board affirming "the superior value of our offer."

A Paramount-Warner combo would combine two of Hollywood’s five legacy studios that remain today, in addition to their theatrical channels. Beyond "Harry Potter," Warner movies like "Superman,Barbie," and "One Battle After Another" — as well as hit TV series like "The White Lotus" and "Succession" — would join Paramount’s content library.

Paramount’s lineup of titles include "Top Gun,Titanic" and "The Godfather." And beyond CBS, it owns networks like MTV and Nickelodeon, as well as the Paramount+ streaming service.

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Entertainment

One Surprise after Another? Oscars Night Set to Be Unpredictable

An Oscars ceremony hosted by Conan O'Brien will feature several nail-biting reveals, culminating in the announcement of the year's best film, which remains anyone's guess. Frederic J. Brown / AFP
An Oscars ceremony hosted by Conan O'Brien will feature several nail-biting reveals, culminating in the announcement of the year's best film, which remains anyone's guess. Frederic J. Brown / AFP
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One Surprise after Another? Oscars Night Set to Be Unpredictable

An Oscars ceremony hosted by Conan O'Brien will feature several nail-biting reveals, culminating in the announcement of the year's best film, which remains anyone's guess. Frederic J. Brown / AFP
An Oscars ceremony hosted by Conan O'Brien will feature several nail-biting reveals, culminating in the announcement of the year's best film, which remains anyone's guess. Frederic J. Brown / AFP

With "Sinners" and "One Battle After Another" neck-and-neck for best picture and several acting races far too close to call, this Sunday's Oscars gala is shaping up to be the most unpredictable in years.

A Hollywood ceremony set to feature music from "KPop Demon Hunters" and Conan O'Brien as host will feature several nail-biting reveals, culminating in the announcement of the year's best film, which remains anyone's guess.

Until "the final envelope is opened for best picture, we're not going to know who's going to win," said Variety's awards columnist Clayton Davis.

"Both have a huge opportunity in order to break multiple Oscar records," he told AFP.

"Sinners," a smash-hit vampire period horror film from director Ryan Coogler, has already made Academy Awards history with its whopping 16 nominations.

The blues-inflected race allegory has a chance to chase down the most Oscar wins by a single movie, shared at 11 between "Ben-Hur,Titanic" and "The Lord of the Rings: The Return of the King."

Coogler, previously best known for "Black Panther," could become the first ever Black person to win best director, in the 98 years of Oscars history.

"He's only the seventh ever nominated," noted Davis, who spoke to many Oscars voters and says "the love for Coogler is undeniable."

But the frontrunner of this awards season has long been "One Battle," a zany thriller about a retired revolutionary looking for his teen daughter.

Set against a wild backdrop of radical violence, immigration raids and white supremacists, it earned 13 nods and could also break the overall wins record.

Its director Paul Thomas Anderson is one of the greatest auteurs of 21st century US cinema, but has never won any of his 11 previous nominations for films including "There Will Be Blood" and "Boogie Nights."

Though "Sinners" was the bigger commercial hit, the exciting race between two "popular movies that people will know at home" should be good for ratings, Davis predicted.

'Steamroller'

While suspense about best picture doesn't happen every year, what is truly unusual this time is the amount of uncertainty surrounding the acting prizes.

A year after narrowly losing best actor honors with his uncanny Bob Dylan portrayal in "A Complete Unknown," Timothee Chalamet had long appeared a lock for his pushy ping-pong player "Marty Supreme."

But a series of ill-advised comments, most recently dismissing ballet and opera as art forms that "no one cares about," have seen the 30-year-old golden boy's chances plummet.

"Sinners" star Michael B Jordan, who plays two roles as twin brothers, won the important Screen Actors Guild's Actor Award this month, just before Oscars voting closed.

"This is a movie star performance that we don't get very often... he's really two steps away from the finish line," said Davis, who also does not rule out Leonardo DiCaprio ("One Battle") or Ethan Hawke ("Blue Moon").

The supporting acting prizes are also up for grabs.

Sean Penn could win a third acting Oscar for his comic yet terrifying soldier in "One Battle."

But he is up against international arthouse favorite Stellan Skarsgard ("Sentimental Value") and veteran Delroy Lindo, earning his first Oscar nod at 73 for "Sinners."

Supporting actress could see a rare horror villain role rewarded for Amy Madigan in "Weapons," or go to "One Battle" revolutionary Teyana Taylor or "Sinners" Hoodoo healer Wunmi Mosaku.

The only sure thing appears to be Jessie Buckley, who plays William Shakespeare's wife in "Hamnet."

"It's been the steamroller all season. That's the one thing you could take to the bank," said Davis

KPop, Redford tributes

Best international film is arguably the hardest to call of all, with Norwegian family drama "Sentimental Value" up against Brazil's surreal political thriller "The Secret Agent."

O'Brien returns to host the Oscars for a second year running, while Barbra Streisand is rumored to be singing a tribute to her "The Way We Were" co-star Robert Redford, who died in September.

Ejae, Audrey Nuna and Rei Ami, the singing voices behind "KPop Demon Hunters" fictional girl group HUNTR/X, will perform the Netflix smash film's Oscar-nominated song "Golden."

The Oscars will air live on ABC and Hulu from 4:00 pm in Los Angeles (2300 GMT).

Entertainment

Dudamel Says Chalamet Shows Ignorance in Claiming ‘No One Cares’ About Opera and Ballet

New York Philharmonic music and artistic director Gustavo Dudamel appears at a special screening of "El Canto de las Manos" in New York on Nov. 7, 2025. (Photo by Evan Agostini/Invision/AP, File)
New York Philharmonic music and artistic director Gustavo Dudamel appears at a special screening of "El Canto de las Manos" in New York on Nov. 7, 2025. (Photo by Evan Agostini/Invision/AP, File)
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Dudamel Says Chalamet Shows Ignorance in Claiming ‘No One Cares’ About Opera and Ballet

New York Philharmonic music and artistic director Gustavo Dudamel appears at a special screening of "El Canto de las Manos" in New York on Nov. 7, 2025. (Photo by Evan Agostini/Invision/AP, File)
New York Philharmonic music and artistic director Gustavo Dudamel appears at a special screening of "El Canto de las Manos" in New York on Nov. 7, 2025. (Photo by Evan Agostini/Invision/AP, File)

Famed conductor Gustavo Dudamel said Timothee Chalamet showed ignorance when the Oscar-nominated actor claimed “no one cares” about opera and ballet.

“Sadly sometimes it’s a little bit of ignorance but, look, that is why we have to open more spaces for people to connect with classical music,” Dudamel said Tuesday night at an event to announce the programming of his first season as the New York Philharmonic's music director.

Dudamel spoke from the stage of Lincoln Center's David Geffen to an audience that included donors, musicians, the orchestra board, community leaders and composers in addition to journalists. Dudamel's remarks sparked loud applause.

During a conversation with fellow actor Matthew McConaughey at a CNN and Variety town hall at the University of Texas at Austin’s Moody College of Communication in February, the 30-year-old Chalamet was asked by McConaughey about whether shortened audience attention spans have impacted studio decisions about the content of theatrical films, forcing more early action.

“I admire people, and I’ve done it myself, to go on a talk show and go: Hey, we’ve got to keep movie theaters alive. We got to keep this genre alive,’” Chalamet said. “And another part of me feels like if people want to see it, like 'Barbie,' like 'Oppenheimer,' they’re going to go see it and go out of their way to be loud and proud about it. And I don’t want to be working in ballet or opera or things where it's like where it’s like, ‘Hey! Keep this thing alive,’ even though no one cares about this anymore. All respect to the ballet and opera people out there. I just lost 14 cents in viewership.”

Chalamet received his third Academy Award nomination, for “Marty Supreme.” His comments sparked an online backlash from arts organizations.

“Everybody has the right to say, but you have to do things with knowledge, with facts. I think we have to say to the young generation, the opposite,” Dudamel said. “It’s very funny. Cinema is a result of opera, of music, of all of these kind of things.”

Matías Tarnopolsky, the New York Philharmonic CEO, was seated next to Dudamel and issued a public offer to Chalamet.

“He can sit with me anytime,” Tarnopolsky said. “I’ll give him a free ticket and he’s invited to come and hear the New York Philharmonic.”

Dudamel, 45, is among the world's most famous conductors. He is leaving the Los Angeles Philharmonic this summer after 17 seasons as music director to become the music director of the New York orchestra.

At one point, Dudamel feigned not knowing Chalamet, saying: “Which is the name of that?” before cutting off as the audience laughed.

“That way of thinking has to end,” he said. “Music is reborn all the time and it brings us the values of empathy through the beauty of what it is. So this is the reality of music. This is the real dimension of music and we need that more for our young people.”

Entertainment

Alleged Rihanna Mansion Shooter Charged with Attempted Murder

The exterior of Rihanna's residence is shown Monday, March 9, 2026, in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)
The exterior of Rihanna's residence is shown Monday, March 9, 2026, in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)
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Alleged Rihanna Mansion Shooter Charged with Attempted Murder

The exterior of Rihanna's residence is shown Monday, March 9, 2026, in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)
The exterior of Rihanna's residence is shown Monday, March 9, 2026, in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)

A woman alleged to have shot up the luxury Los Angeles home of global megastar Rihanna was charged Tuesday with attempted murder.

Prosecutors in the city said Ivanna Lisette Ortiz, 35, had opened fire at the sprawling estate on Sunday.

Aerial footage after the attack showed bullet holes in a gate at the property, which Rihanna shares with rapper A$AP Rocky and the couple's three children.

Ortiz, who is from Florida, has previously been involuntarily committed and lost custody of her then 10-year-old child, entertainment news outlet TMZ reported.

A Facebook page that appears to belong to her includes a number of videos and posts that refer to celebrities including Rihanna, Kim Kardashian and Cardi B, according to AFP.

One post tags Rihanna, whom she challenged "to say something to me directly instead of sneaking around like you talking to me where I'm not at."

In another video, she claims Rihanna wants to kill her.

Ortiz was charged with one count of attempted murder, 10 counts of assault with a semiautomatic firearm, two counts of shooting at an inhabited dwelling and one count of shooting at an inhabited vehicle.

She was ordered to be held on $1.875 million bail and instructed to have no contact with the Barbados-born singer.

Ortiz is next expected to appear in court on March 25.

Police officers previously said an AR-15-style assault rifle was used in the incident, which happened in the middle of day on Sunday while Rihanna was reportedly in the home.