Paramount Skydance Corp. has escalated its battle for control of Warner Bros. Discovery, releasing a strongly worded letter to the company’s shareholders on Wednesday. The letter urges investors to support Paramount’s tender offer over the competing proposal from Netflix, which last week agreed to acquire Warner Bros.’ streaming and studio assets for $27.75 per share. Paramount CEO David Ellison argued that the Netflix deal exposes shareholders to substantial regulatory hurdles and prolonged uncertainty.

In the letter, Ellison warned that Warner Bros. investors face a “long and bumpy ride” if they choose the Netflix merger, citing what he called “severe regulatory uncertainty” surrounding the transaction. He added that Paramount’s offer provides “superior value and certainty” along with a significantly faster path to completion. Ellison criticized the Warner Bros. sale process as “murky” and highlighted that Netflix has shed more than $110 billion in market value since its third-quarter earnings release.

Paramount went public with its bid on December 8, positioning its offer as a more comprehensive and straightforward alternative. Unlike Netflix—which intends to spin off Warner Bros.’ cable channels as part of its restructuring plan—Paramount is seeking to acquire the entire company. The broader scope of Paramount’s proposal, Ellison argued, offers greater clarity and long-term strategic value for Warner Bros. investors, while also reducing the risk of regulatory pushback.

Also Read: Berkshire CEO Warren Buffett Says “I’m Going Quiet,” Passing Annual Reports to Successor

The competition has intensified amid speculation that regulators may scrutinize Netflix’s bid more aggressively due to concerns over market concentration in streaming and entertainment. Paramount’s leadership is betting that its full-company acquisition structure will draw fewer antitrust challenges than Netflix’s asset-based deal. The company stressed that its tender offer ensures shareholders receive immediate and reliable value without enduring an extended approval process.

In a parallel development, former US President Donald Trump commented that any sale of Warner Bros. should require the divestiture of CNN, adding further political complexity to an already contentious takeover environment. As both bidders attempt to sway shareholders, the fight for Warner Bros. has rapidly become one of the most high-stakes corporate battles in the media industry. With investors now weighing speed, value, and regulatory risk, the decision could shape the future of global entertainment for years to come.

Also Read: ‘Too Much Power in One Place’: Trump Flags Antitrust Risk in Netflix–Warner Mega Deal