The Paramount-Skydance saga isn’t even out of our rearview mirror yet, but rumors of a new M&A race are already heating up.

Market-leading streamer Netflix could be throwing its hat into the ring for part of Warner Bros. Discovery, according to Puck. And this twist would mean some high-profile competition for the Ellison family. 

Just a little over a week ago, news emerged that Paramount was readying a majority-cash bid for David Zaslav’s media conglomerate—which houses some of the most iconic kids assets in the biz, including Looney Tunes, Cartoon Network, Harry Potter and the DCU.

While David and Larry Ellison’s offer reportedly covers all of WBD (including the networks business), Puck is suggesting that Netflix will likely be focusing on just the streaming/studios arm of the company. 

The idea of Paramount and Netflix bidding for one of Hollywood’s biggest players raises some interesting questions and tradeoffs. 

With Paramount’s own portfolio of iconic family brands in the mix, a merger with WBD could create a new kids media behemoth—although it also poses a market oversaturation risk. Meanwhile, Netflix’s strategic disinterest in the big screen raises a big question mark for WB’s theatrical business—which has been thriving this year, thanks to hits like A Minecraft Movie and Superman. 

This level of M&A activity will also likely invite more antitrust scrutiny, with US consumer advocacy group Public Citizen already sounding the alarm on how dangerous a Paramount-WBD consolidation could be.

Kidscreen wants to hear your thoughts on this burgeoning merger race and the implications of both bids. Please feel free to pontificate below: