The drama around the deal between Netflix and Warner Bros. Discovery is far from over, as a new bidding war rages on. Back in December 2025, both parties joined forces and agreed to a deal after Warner Bros. Discovery rejected an offer from Paramount. This was followed by Paramount’s hostile bid for WBD. Now, Netflix has reportedly given WBD a seven-day waiver to reopen talks with Paramount, which is set to end on February 23.

And amid this chaos, several Hollywood giants have chimed in with their opinions on whether Netflix or Paramount should ultimately secure the deal with WBD. One of the latest to speak out is James Cameron, who has taken a bold and firm stand on the situation.

The legendary director has long been a vocal critic of Netflix, when it comes to its impact on theatrical releases. So, amid this battle between Netflix and Paramount, he wrote a letter talking about the potential risks and sent it to Senator Mike Lee, chair of the Senate subcommittee on antitrust. That letter was later shared publicly by CNBC.

“I believe strongly that the proposed sale of Warner Brothers Discovery to Netflix will be disastrous for the theatrical motion picture business that I have dedicated my life’s work to,” he wrote. 

He argued that if fewer big-budget movies like his get made, it might hurt the film industry as well as jobs.

“The business model of Netflix is directly at odds with the theatrical film production and exhibition business, which employs hundreds of thousands of Americans,” he wrote. 

The director further argued that the deal could also hurt the export of Hollywood films and boldly claimed it might weaken America’s position as the global leader in movies, as reported by CNBC.

His concerns were answered by Mike Lee, who reportedly responded to his letter by saying he had received similar requests regarding the potential merger and assured him that the matter would be properly addressed. Now, opinions from industry giants like Cameron might impact where Warner Bros. Discovery ends up, and with this new seven-day window, the situation has become more unpredictable.

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One thing is clear, and that is even though Warner Bros. Discovery appears close to locking in a deal with Netflix, many voices within the industry have spoken out against it. Apart from Cameron, a major investor in WBD has also expressed concern for a different reason. 

Activist investor Ancora Capital has been openly opposing Warner Bros. Discovery’s deal with Netflix, as per The Hollywood Reporter. This comes after Paramount made an impressive offer that included more financial benefits. For now, Ancora Capital has made its stand clear, which is for WBD to reconsider Paramount’s offer and negotiate with them.

“There is a clear pathway for Paramount to submit – and for WBD to accept – a superior proposal. Unless the WBD board re-engages with all interested parties, Ancora intends to vote no on the currently proposed Netflix deal,” Ancora said in a presentation as per The Hollywood Reporter. 

A shareholder meeting scheduled for March 20 is expected to shed more light on the situation. Until then, the battle is far from over, with two major giants competing for WBD, which is home to Harry Potter and many other major franchises. The stakes are high, and understandably, so is the chaos.

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What do you think about James Cameron's letter on Netflix–Warner Bros. Merger? Let us know in the comments.