Lead
David Ellison, Paramount’s chairman and CEO, published an open letter to the British creative community in February 2026 as the company presses its unsolicited bid for Warner Bros. Discovery (WBD). He pledged to boost film output, guarantee a minimum 45-day theatrical window and keep HBO operating independently, while criticizing Netflix’s proposed approach to WBD’s studio assets as potentially creating a “monopolistic or dominant entity.” The move comes amid public claims from Netflix that its $83 billion offer will clear regulators in the UK and elsewhere, and as Ellison pursues support from UK lawmakers and industry stakeholders.
Key Takeaways
- David Ellison wrote an open letter in February 2026 addressing UK creatives and film audiences amid Paramount’s pursuit of Warner Bros. Discovery.
- Paramount pledges a combined minimum of 30 feature films annually across Paramount and Warner Bros. Studios—at least 15 from each studio per year.
- The company commits to a global minimum theatrical window of 45 days before paid VOD, with intentions to aim for 60–90 days for major titles.
- Ellison promised HBO would remain operationally independent under Paramount ownership; HBO Max is slated to launch in the UK in March 2026.
- He explicitly criticized Netflix’s plan for WBD assets, warning it could reduce competition by creating a dominant entity.
- Netflix has publicly stated it is “highly confident” its $83 billion transaction will pass UK and other regulators and called its deal pro-consumer.
Background
The current clash traces to competing strategies for large-scale consolidation in the global media sector. Netflix announced an $83 billion proposal for Warner Bros. Discovery that it says will expand its content footprint; Paramount, backed by Skydance interests, is mounting a rival effort to combine Paramount with WBD. Regulators in the UK and other jurisdictions have signaled close scrutiny of any transaction that could reshape market competition among studios, streamers and distributors.
Creative communities and theatrical exhibitors have been vocal about preserving diverse distribution channels and robust theatrical windows after several years of pandemic-era experimentation with streaming-first and shortened-release models. Industry labor groups and independent producers emphasize that studio consolidation can have outsized effects on commissioning, licensing and third-party buyers, which is why both corporate commitments and regulatory reviews matter to creators.
Main Event
In his letter, Ellison framed the merger pursuit as driven by a belief that a combined Paramount–WBD would expand storytelling capacity and support filmmakers with scale and reach. He reiterated specific commitments: each studio would produce at least 15 feature films per year for a combined minimum of 30 films, maintain third-party licensing activity, and preserve the traditional home-video and paid VOD windows following theatrical runs.
Ellison used the letter to contrast Paramount’s vision with what he described as Netflix’s consolidation path. He argued that consumers and creators benefit from greater choice and a marketplace that supports theatrical exhibition, not one that concentrates power. He also noted that Paramount increased its own output from eight to 15 films after the Paramount–Skydance deal closed.
The letter included concrete operational pledges: every film would receive a full theatrical release with a baseline 45-day global window before paid VOD availability and adherence to region-specific commitments. Ellison also committed that HBO would continue to operate independently and that HBO Max would debut in the UK in March 2026, while highlighting Paramount’s existing UK assets including the Channel 5 network.
Analysis & Implications
Ellison’s letter serves two simultaneous purposes: to reassure creators about content commitments and to influence public and regulatory opinion by framing the Paramount–WBD tie-up as pro-competitive. By promising a high volume of theatrical releases and minimum windows, Paramount aims to counter concerns that consolidation will erode theatrical exhibition or reduce opportunities for third-party producers.
Regulatory agencies will weigh those commitments against market effects that are harder to quantify, such as bargaining power with distributors, platform reach and long-term licensing behavior. Promises about future behavior—like maintaining HBO’s operational independence—carry weight in political and public debates but are subject to scrutiny over enforceability and monitoring if a deal proceeds.
If regulators accept the Paramount narrative, the merged company could position itself as a scaled independent competitor to dominant streaming platforms. Conversely, if authorities view Netflix’s proposed acquisition as less harmful or better executed, Paramount’s offer may struggle to gain traction. The outcome will influence licensing markets, commissioning budgets, and the bargaining leverage of talent and independent producers across Europe and the U.S.
Comparison & Data
| Commitment | Paramount (proposed) | Netflix (statement) |
|---|---|---|
| Annual theatrical films | At least 30 total (15 per studio) | Not specified |
| Theatrical window | Minimum 45 days globally; aim 60–90+ for big titles | 45-day pledge |
| HBO independence | Yes—operationally independent | Not applicable |
| Deal value | Not publicly quantified by Paramount in letter | $83 billion (Netflix bid) |
The table highlights where Paramount provided detailed operational commitments and where Netflix’s public statements emphasize pro-consumer outcomes tied to its $83 billion proposal. Paramount’s numerical pledges (30 films, 45-day window) are concrete items regulators and stakeholders can evaluate; however, the relative absence of a disclosed financial framework in Ellison’s letter leaves parts of the strategic picture incomplete.
Reactions & Quotes
Paramount used the letter to court UK creatives and lawmakers; Ellison has been conducting meetings in the country as part of that outreach. Industry response was mixed: some creators welcomed clear theatrical commitments, while others noted that promises require binding mechanisms to assure long-term delivery.
“We believe the creative community and audiences are best served by greater choice — not less.”
David Ellison, Paramount CEO (from open letter)
This line was central to Ellison’s framing that a combined Paramount–WBD would expand choices for audiences and creators rather than concentrate market power. He repeated commitments to third-party licensing and broad theatrical distribution as proof points.
“This deal is pro-consumer, pro-innovation, pro-worker, pro-creator and pro-growth.”
Netflix UK spokesperson (public statement)
Netflix has publicly expressed confidence that its $83 billion offer will clear regulators in the UK and elsewhere, framing its acquisition as beneficial across stakeholders. Regulators, however, will independently assess competitive effects rather than accepting corporate assertions at face value.
Unconfirmed
- Whether regulatory authorities will accept Paramount’s commitments as legally enforceable conditions remains unresolved and will be determined during formal reviews.
- The precise financial structure or valuation behind Paramount’s bid for Warner Bros. Discovery was not disclosed in the open letter and is not publicly confirmed.
- How long HBO’s operational independence would persist in practice—beyond initial post-merger assurances—has not been independently verified.
Bottom Line
Ellison’s open letter is both a reassurance to creators and a strategic argument to regulators and the public: Paramount says a merged Paramount–WBD would expand creative output, protect theatrical windows and preserve HBO’s character, positioning the company as a competitive counterweight to major streaming platforms. The explicit commitments on film counts and minimum windows give regulators measurable items to weigh in merger reviews.
Still, promises in public statements do not automatically translate into enforceable outcomes. UK and other regulators will test whether those commitments are credible, durable and sufficient to address concerns about market concentration. The coming weeks of regulatory filings, stakeholder consultations and political outreach will determine whether Ellison’s assurances sway the debate or if Netflix’s $83 billion bid remains the leading path forward.