Offers and counter offers. What really goes on behind the curtains for the streaming industry's biggest shareholders? At the end of the day, it comes down to finances, and whoever manages it better, wins. That is the norm, right? Following the same tradition, Netflix stepped in with a rival bid against Paramount.

Now the ball is in Warner Bros. court, and a shareholder from the team has a word of advice for Paramount.

As the Netflix-Paramount battle intensifies, a key shareholder is making it clear that Paramount’s latest move has not changed the calculus. Harris Oakmark, who ranks as Warner Bros. Discovery’s fifth-largest holder with roughly a 4% stake, argues that the revised takeover terms remain inadequate despite tweaks to financing.

Portfolio manager Alex Fitch summed up the firm’s stance bluntly to Reuters , “The changes in Paramount’s new offer were necessary, but not sufficient. If Paramount is serious about winning, they will need to provide a greater incentive.” 

Behind that pushback is the context of Paramount’s recent attempt to shore up confidence after Netflix entered the fray with a rival offer. Paramount reworked its roughly $108.4 billion proposal, which as per Researcher Alex Fitch's statement to Reuters is not enough. Their strength? Leaning on a personal guarantee from Oracle co-founder Larry Ellison for a $40.4 billion of the financing and lifting the breakup fee to mirror Netflix’s protections if regulators intervene. What it did not do, however, was raise the headline price per share. This in turn became a sticking point for holders like Harris Oakmark.

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With Paramount on shaky ground and Warner Bros.’ investors unconvinced, what does this mean for Netflix now?

Warner Bros.’ board has already urged investors to favor Netflix’s lower but more secure cash-and-stock proposal. With refinancing in place, Netflix has effectively shifted the deal conversation from speculation to execution. By replacing a portion of its $59 billion bridge loan with a $5 billion revolving credit facility and two delayed-draw term loans worth $10 billion each, the streamer has signaled to both lenders and shareholders that its Warner Bros. ambitions are backed by structure, not haste. 

The road ahead, however, is far from clear. Regulatory scrutiny is emerging as the next major hurdle, with Senator Elizabeth Warren publicly labeling the bid an antitrust concern. Netflix leadership has responded by emphasizing continuity rather than consolidation.

With co-CEO Ted Sarandos reiterating,"Our intentions when we buy Warner Bros. will be to continue to release Warner Bros. studio movies in theaters with the traditional windows," 

As Paramount weighs whether to revise its own offer again, Netflix’s strategy now hinges on reassuring regulators and investors alike that its pursuit of Warner Bros. is not just financially viable, but structurally sustainable.

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What do you think? Will Netflix outmaneuver Warner Bros in this battle, or is there another twist still to come? Share your thoughts with us below.