Paramount has accused Netflix of launching a 'scorched-earth campaign' to disrupt the Warner Bros. Discovery deal. The company has alleged that Netflix is engaging in a 'panic-level' campaign to 'poison' regulators against the deal, with multiple reports supporting the claim.

[PARA](/stocks/PARA) has escalated its fight for Warner Bros. Discovery, accusing [NFLX](/stocks/NFLX) of waging a 'scorched-earth' and 'panic-level' campaign to poison regulators against a competing transaction. Paramount alleges the effort is a coordinated push to torpedo its bid for [WBD](/stocks/WBD) entirely.

Paramount has put a $30-per-share all-cash offer on the table and filed proxy materials urging WBD shareholders to vote against the Netflix deal. Its central regulatory argument is that a Netflix-WBD combination would hand Netflix an estimated 43% of global subscription video-on-demand viewers, more than twice its nearest competitor, leading to higher consumer prices, weaker compensation for creators and talent, and harm to theatrical exhibitors.

Netflix has countered by framing the relevant market broadly enough to include free user-generated video on YouTube and TikTok, a defense critics have called a stretch. With antitrust reviews active across multiple jurisdictions, the outcome will shape control of one of Hollywood's largest content libraries and the competitive structure of global streaming.

Paramount Accuses Netflix of 'Scorched-Earth Campaign' Over Warner Bros. Deal