For generations, the Warner Bros shield stood for Hollywood at its most powerful — a factory of dreams that defined cinema and television across continents. Today, that emblem has become a distress signal. As Netflix and Paramount Skydance circle the 102-year-old studio, Hollywood’s creative workforce is bracing for yet another shock in an industry already battered by strikes, consolidation and disappearing jobs.
Among actors, producers and crew members, Warner Bros’ decline is being described in stark terms: a disaster, a catastrophe, even a nightmare. Whether the studio is sold whole to Paramount Skydance or broken up by Netflix, the consequences feel grimly familiar — more layoffs and one fewer buyer for film and television projects.
Last week, Warner Bros Discovery confirmed it had entered into exclusive takeover talks that could see the century-old studio split up for the first time in its history. Under the proposed deal framework, Netflix would acquire Warner Bros’ core studio operations, HBO and its vast film and television library, while the remaining businesses — including CNN, TNT Sports and Discovery’s lifestyle channels — would be spun off or sold separately.
Shortly after the announcement, Paramount Skydance launched a rival $108 billion hostile bid, arguing that its offer preserved Warner Bros as a single entity and delivered greater value to shareholders. The competing proposals have thrown Hollywood into fresh uncertainty, with workers fearing months of instability as boardroom battles play out.
Warner Bros’ possible sale comes at a moment when Hollywood is still reeling from a historic production slowdown. After a post-pandemic boom in 2022, work dried up following the 2023 writers’ and actors’ strikes, and the industry never recovered its momentum. Studios have shuttered divisions, merged operations and cut thousands of jobs.
Now, workers are left weighing what many see as two unpalatable futures. Netflix, the tech giant blamed by some for hollowing out cinemas, is viewed as less intrusive creatively. Paramount Skydance, led by David Ellison and backed by wealthy investors from Saudi Arabia, Abu Dhabi, Qatar and a fund linked to Jared Kushner, raises concerns about political influence and censorship.
“If it’s Netflix, at least they don’t micromanage productions,” said one camera assistant. “With Paramount, the politics make people nervous.”
Netflix’s interest reportedly centres on Warner Bros’ most valuable assets — the historic studio lot, HBO and its vast film and television archive — potentially leaving legacy cable networks such as CNN and TNT Sports to be sold separately. Paramount Skydance, meanwhile, has launched a hostile $108 billion bid, calling it superior to Netflix’s proposal.
President Donald Trump has added to the controversy by publicly stating that “it’s imperative that CNN be sold”, deepening fears of political pressure on news outlets.
For many in Hollywood, however, the villain of the story is already clear: Warner Bros Discovery chief executive David Zaslav. Despite earning $51.9 million (about Rs 500 crore) last year, he presided over losses exceeding $11 billion and a sharp fall in the company’s share price. Multiple workers likened him to Gordon Gekko, the fictional embodiment of corporate greed.
Warner Bros rejects that characterisation, arguing that the studio has regained creative momentum, relaunched the DC Universe and turned its streaming business profitable under Zaslav’s leadership.
In an era of trillion-dollar fortunes and relentless consolidation, many in Hollywood suspect the final chapter of Warner Bros’ story may yet have another twist.