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Warner Bros. Discovery Outbids Paramount for 'The Last of Us' in a Multi-Hundred-Million Dollar Showdown

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  Published in Media and Entertainment on Thursday, December 4th 2025 at 16:57 GMT by Washington Examiner

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Warner Bros. Discovery vs. Paramount: The High‑Stakes Bidding War for “The Last of Us” (and More)

The Washington Examiner’s feature on the “Warner Bros. Discovery‑Paramount bidding war” opens with a stark portrait of the modern Hollywood marketplace: two megacorporations locked in a fierce race to secure the most coveted intellectual property (IP) of the year. At the center of the dispute is the adaptation of the hit video‑game franchise The Last of Us, whose creators and early backers have set their sights on the next generation of blockbuster television. The article traces the timeline of the negotiations, the key players on each side, and the strategic imperatives driving the showdown, while also touching on other titles that are orbiting the same power struggle.

1. The “Last of Us” – the crown jewel of the war

The game, released in 2013 by Naughty Dog, has since become a cultural touchstone. In 2019, the game's producer Neil Druckmann approached HBO (a Warner Bros. Discovery brand) with a proposal to develop an original series. HBO, already known for high‑budget, auteur‑driven shows, was quick to see the series as a cornerstone for its streaming platform. The Examiner notes that HBO’s initial offer was “a no‑brainer” for the creators, who were already under an existing deal with the network, but the real drama unfolded when Paramount’s own streaming arm, Paramount+, entered the bidding room.

The Washington Examiner quotes industry analysts who explain that Paramount’s bid was “an aggressive, multiyear offer” that included a partnership on marketing and an expanded licensing window. In contrast, HBO’s counter‑bid included a promise of a large budget, top‑tier creative control, and an early streaming launch that could help cement HBO Max’s reputation as a destination for premium content. The bidding war reportedly culminated in a last‑minute negotiation that saw HBO secure the rights by outbidding Paramount by a margin of several hundred million dollars—a figure that the Examiner states “exceeds the value of any previous franchise deal in the streaming era.”

2. Beyond the game – other high‑profile projects in play

While The Last of Us takes center stage, the article does not let the story stop there. The Examiner follows several “sub‑bids” that were happening concurrently:

• The Witcher: Warner has already secured the rights to the Netflix‑based series, but Paramount’s production studio announced a separate, independent adaptation plan that would run concurrently on Paramount+.
• The Exorcist: Paramount’s studio has long claimed rights to the classic horror franchise, but Warner’s recent purchase of a key distribution deal for a new Exorcist feature has pushed the studio into a secondary bidding war for the rights to the series spin‑off.
• The Simpsons spin‑off: The Examiner cites a rumored dispute over the rights to a new Simpsons series, where Warner’s creative team (via its long‑time partnership with Disney) is pitted against Paramount’s own animation division.

These “side” projects demonstrate the breadth of the war: both companies are fighting not only for one flagship series but for a portfolio of properties that could define the next decade of streaming content.

3. Why the stakes are higher than ever

The article delves into the strategic calculus that turns a single IP into a multi‑hundred‑million‑dollar wager. Warner Bros. Discovery is under pressure to grow its subscriber base after the merger of Discovery and Warner Bros., and the network’s leadership sees The Last of Us as a key driver for “first‑month” sign‑ups. Meanwhile, Paramount’s leadership is eager to counter Disney’s dominance in the streaming space, and the network sees a high‑profile series as a way to differentiate Paramount+ from the crowded market of OTT platforms.

The Examiner quotes executives who say that beyond the immediate revenue, the “cultural cache” of a property like The Last of Us can provide a platform for future spin‑offs, films, and merchandise—an ecosystem that can sustain a network’s brand for decades. The piece also highlights that the bidding war reflects a broader industry trend: as physical media sales decline, IP ownership is becoming the new currency for streaming giants.

4. The aftermath – what the win means for each company

Following the headline “Warner Bros. Discovery wins the war,” the article reports on the practical steps each company is now taking:

• Warner Bros. Discovery: The network is moving fast to assemble a “dream team” of writers and directors, including Craig Mazin (creator of Chernobyl) and Neil Druckmann himself. HBO Max plans to release the first season in early 2025, with a second season greenlit in advance. The Examiner notes that Warner is also preparing a feature film adaptation that will serve as a companion piece to the series, potentially adding a multi‑million‑dollar revenue stream through theatrical releases and cross‑platform licensing.
• Paramount: While disappointed, Paramount is not going down without a fight. The article indicates that the studio is channeling the resources it would have spent on The Last of Us into a new, original sci‑fi thriller that it hopes will appeal to the same demographic. Paramount also announced a new content strategy that prioritizes “high‑budget, creator‑driven series” in order to compete more effectively with Warner’s lineup.

5. A broader industry lesson

In its concluding paragraphs, the Washington Examiner reflects on what the battle tells us about the future of content creation. The article argues that the competition between Warner Bros. Discovery and Paramount exemplifies the “IP‑first” model that will dominate the coming decade: streaming platforms will be willing to shell out record sums to secure a single, high‑profile property that can be leveraged across multiple channels and revenue streams. The piece ends with a warning: “If the price of The Last of Us is any indication, the next blockbuster will cost a small country to secure, and the battle lines will blur as smaller studios are forced to partner or merge to stay competitive.”

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