The development comes weeks after Warner Bros. Discovery agreed to sell its film studio and HBO Max streaming service to Netflix for $27.75 per share. 

That deal, signed in December 2025, values the company at about $83 billion.

Soon after, Paramount Skydance, which owns CBS and MTV, launched a hostile all-cash bid of $30 per share. The offer values Warner Bros. at $108.4 billion, including debt.

Last week, Paramount revised its proposal but did not increase the $30 per share price. Instead, it introduced new financial incentives. 

The company said it would pay shareholders a 25-cent-per-share quarterly “ticking fee” starting in 2027 for every quarter the deal is still pending after 31 December 2026. That payment would amount to roughly $650 million in cash per quarter.

Paramount also agreed to cover the $2.8 billion termination fee Warner Bros. would owe Netflix if it walks away from their agreement. In addition, it pledged to eliminate $1.5 billion in potential refinancing costs.

According to Bloomberg, members of the Warner Bros. board are discussing whether Paramount’s latest proposal could lead to a stronger result for shareholders. The board has not reached a decision and may still proceed with the Netflix deal.

Paramount, Warner Bros. Discovery and Netflix did not respond to requests for comment.

Both bidders are pursuing Warner Bros. for its film and television studios, vast content library and major franchises. These include Game of Thrones, Harry Potter and DC Comics superheroes such as Batman and Superman. The company’s streaming platform, HBO Max, is also a key asset.

Shareholders, including Ancora Holdings, which holds a stake of nearly $200 million, has said it plans to oppose the Netflix transaction. The firm argues that the board did not engage sufficiently with Paramount over what it considers a superior offer.

Both Netflix and Paramount have indicated they are willing to improve their terms to secure the deal, Bloomberg reported. The board is currently reviewing its options.

The change was subtly mentioned in a press release announcing the December 12 streaming debut of F1: The Movie, which stated: “Apple TV+ is now simply Apple TV, with a vibrant new identity.”

The company gave no further explanation on the rebrand, and as of Monday, Apple’s website and press portal still displayed the old Apple TV+ branding. 

However, early beta versions of iOS and tvOS reportedly show small design adjustments that point at the new identity.

While the Apple TV rebrand appears straightforward, it has already led to confusion among users and observers in the space. Apple now operates three distinct products under the same name, the Apple TV streaming service, the Apple TV app for content aggregation and rentals, and the Apple TV hardware such as the Apple TV 4K device. 

Even Apple’s own press release added to the muddle, stating that “Apple TV is available on the Apple TV app… on Apple TV.”

The decision also separates Apple from the crowded group of streaming platforms that embraced the “plus” naming trend, including Disney+, Paramount+, and ESPN+. 

Interestingly, Apple continues to use the symbol for other subscription-based products like Apple News+, Apple Fitness+, and iCloud+, making the rebrand somewhat inconsistent across its ecosystem.

Apple TV+, launched in November 2019, was Apple’s entry into the global streaming competition against Netflix, Amazon, and HBO. The service gained early recognition through The Morning Show and later secured major acclaim with CODA, which became the first film from a streaming platform to win the Academy Award for Best Picture. 

Other successes, such as Ted Lasso, helped establish Apple’s reputation for high-quality original content.

Still, this branding decision invites comparisons to a similar misstep by Warner Bros. Discovery, which rebranded HBO Max to Max in 2023. Confusion among subscribers and the entertainment industry grew, prompting the company to restore the original name months later.

Apple has yet to clarify whether the rebranding will extend to visual elements such as a new logo or app design. The company also declined to comment on whether its Apple TV hardware or app experience will be updated to align with the change.

For now, the “vibrant new identity” is more of a statement than a visible transformation, and users may have to wait to see exactly what Apple’s simplified streaming identity really looks like.

With a goal to separate the high-growth digital business from the weight of traditional TV, one company will handle streaming and studios; the other, legacy television. 

The restructuring will see Warner Bros. Television, DC Studios, HBO, HBO Max, and the company’s extensive film and TV archives form a new entity focused on streaming and content production. 

Meanwhile, CNN, TNT Sports, Discovery Channel, and the rest of the company’s linear television brands, across the U.S. and Europe, will sit under a second company called Global Networks.

The announcement comes as WBD tries to turn around years of financial stress. Since its 2022 merger with WarnerMedia, the company has faced the dual challenge of high costs of streaming and falling cable revenues. 

CEO David Zaslav, who will lead the new Streaming and Studios company, stated in an internal memo: “While the work has been challenging at times, we’ve made strong progress in returning our film and television studios to industry leadership.”

WBD is borrowing $17.5 billion through a short-term loan, aiming to buy back a portion of its $37 billion debt before the breakup. The precise allocation of debt between the two new companies remains unclear, but WBD has indicated the majority will be assigned to Global Networks.

This financial reshuffle has implications well beyond Warner Bros. Analysts are already speculating about possible mergers or partnerships. 

With Global Networks keeping a 20% stake in the Streaming and Studios business, and no final names announced for the spin-offs, it’s not out of the question that WBD could become a player in the next big media consolidation wave.

If Zaslav’s strategy succeeds, the split could shield the fast-growing streaming business from the financial drag of traditional cable TV. But if it doesn’t, WBD could find itself with one company weighed down by debt and another struggling to find direction in the competitive streaming market.

Zaslav said, “By operating as two distinct and optimised companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape.”

There’s still no word on whether either of the new companies will keep the “Warner Bros.” name. CFO Gunnar Wiedenfels is set to lead Global Networks after the split, while both Zaslav and Wiedenfels will remain in their current roles until the separation is finalised.