Paramount Global’s attempt to merge with Skydance Media faltered Tuesday, as Netflix emerged as the preferred partner for a potential acquisition of Paramount’s studio and streaming assets, according to individuals familiar with the negotiations.
The rejection of Paramount’s bid centered on Netflix’s interest in acquiring only the core studio and streaming businesses, excluding Paramount’s broadcast television holdings. Paramount had reportedly signaled a willingness to increase its offer if discussions were revived, but Skydance ultimately favored the Netflix proposal.
The potential deal with Skydance, expected to finalize in the second half of 2025, would place Skydance CEO David Ellison in a position of creative control over Paramount’s entertainment properties. This move comes as Paramount Global faces significant financial pressures, with its stock price falling to $11.94 as of June 2025, underperforming competitors like Netflix, and Disney.
Netflix, currently the global leader in streaming with over 300 million subscribers worldwide and 41 million new subscribers in 2024 alone, has built its dominance on original content such as “Stranger Things,” “The Witcher,” “Squid Game,” and “Bridgerton.” The company has also recently expanded into live broadcasting, a feature also offered by Paramount+ through its NFL and UEFA soccer offerings.
Paramount+ has been attempting to establish itself by leveraging its existing network brands, including CBS, MTV, BET, and Nickelodeon. The service recently saw success with “Landman,” which ranked among the top 25 most-viewed shows across platforms. Paramount+ currently offers an Essential Plan with ads for $7.99 per month and a Paramount+ with Showtime (ad-free) plan for $12.99 per month.
The shift in focus towards Netflix follows Paramount Plus’s recent rebranding, eliminating the Paramount Plus with Showtime offering and renaming it Paramount Plus Premium. The company has announced several changes to the streaming service following its integration with Skydance.
