Warner Bros Discovery has rejected Paramount Skydance’s latest $77.9 billion (€66.7 billion) takeover offer, calling it “inadequate” and risky, and urged shareholders to support a rival bid from Netflix. The announcement on Wednesday comes as the two media giants compete for control of Warner’s studio and streaming assets.

The company’s board said Paramount’s hostile bid is heavily dependent on debt financing and provides limited protection for shareholders if the deal fails to close. “Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed,” Warner Bros Discovery chairman Samuel Di Piazza Jr. said. “Our binding agreement with Netflix will offer superior value at greater levels of certainty, without the significant risks and costs Paramount’s offer would impose.”

Warner Bros has consistently rejected Paramount’s advances in recent weeks, emphasizing its $72 billion (€61.6 billion) deal with Netflix to acquire Warner’s studio and streaming business, including HBO Max, Warner Bros Pictures, and legacy television and film production arms. Paramount, in contrast, seeks to acquire the entire company, including Warner’s cable and news networks, such as CNN and Discovery.

Paramount recently sought to strengthen its position by offering an “irrevocable personal guarantee” from Oracle co-founder Larry Ellison, father of Paramount CEO David Ellison, to back $40.4 billion (€34.6 billion) in equity financing. The company also increased its proposed regulatory break-up fee to $5.8 billion (€5 billion), matching the terms Netflix already offered.

Warner Bros raised concerns that a Paramount deal would essentially function as a leveraged buyout, requiring extensive debt and potentially taking 12 to 18 months to complete. The board warned that the structure and scale of Paramount’s offer could expose shareholders to significant financial risk.

The strategic differences between the two bids have added complexity to the sale. Netflix’s acquisition would involve only Warner’s studio and streaming units, leaving cable and news networks as a separate entity under a previously announced spin-off. Paramount, by contrast, is pursuing a full-scale merger that would combine studio, streaming, and cable operations under one company.

Regulatory scrutiny is expected to be intense. Any merger of this size is likely to trigger a review by the US Justice Department, which could challenge or demand modifications to the transaction. International regulators may also examine the deal given the global reach of Warner’s media properties.

Paramount did not immediately respond to a request for comment. Analysts say the battle for Warner Bros highlights the shifting dynamics in Hollywood as traditional studios and streaming platforms vie for market dominance amid growing competition and regulatory pressure.

Petty bribery may be rarer in Western Europe, but influence, lobbying, and regulatory capture continue to wield significant power, often going under the radar, experts say. While public discourse frequently frames corruption as a problem concentrated in Eastern Europe or developing countries, research increasingly challenges this view, highlighting systemic risks across the continent.

“In the academic and scholarly debate, the assumption that corruption is exclusive to Eastern European or developing countries is long gone,” Mihály Fazekas, director of the Government Transparency Institute and professor at Central European University, told Euronews.

Concerns over corruption have become particularly sensitive in the context of Ukraine. As Kyiv seeks continued financial and military backing from EU partners, some politicians in Western Europe have raised corruption-related objections. Hungarian Foreign Minister Péter Szijjártó has called for EU support to Ukraine to be halted, citing reports of fund misuse and accusing Kyiv of operating a “war mafia” that diverts Western funds.

Political narratives in parts of Western Europe often depict corruption as limited or exceptional, even as high-profile cases surface in countries like France, Germany, and the UK. However, public opinion appears more sceptical. Surveys indicate that while corruption is viewed as less prevalent in Denmark or Sweden, citizens in many core EU states see it as a significant concern. The European Commission’s 2024 Eurobarometer found that 61% of Europeans consider corruption unacceptable, and 68% believe it is widespread in their own country. About 27% reported feeling personally affected in daily life.

Experts note that the forms of corruption differ. In Western Europe, it often involves political financing, lobbying, procurement practices, and regulatory capture, rather than the visible bribery sometimes associated with Eastern Europe. Informal networks exist in both regions but operate differently. In Eastern Europe, gaps in institutional oversight after transitions from centralized governance have allowed informal networks to influence state institutions directly. In Western Europe, similar networks operate through law firms, consultancies, and structured political finance channels.

The Corporate Europe Observatory estimated that at least 62 corporations and trade associations spent a combined €343 million on EU lobbying in 2024, a rise of roughly a third since 2020. Petty bribery, by contrast, is far less common in Western Europe, contributing to a perception that the region is relatively “clean,” even as high-level corruption continues largely unnoticed.

Recent cases illustrate these differences. Former EU foreign policy chief Federica Mogherini was arrested over alleged procurement fraud, while French politician Marine Le Pen was convicted of embezzling EU parliamentary funds, receiving a four-year prison sentence and a five-year ban from public office. Both cases have generated debate over political motives versus enforcement.

Fazekas said the challenge lies in distinguishing rhetoric from action. “Corruption is implicitly hidden, and it’s not always obvious who is serious about fighting it. The major challenge is seeing concrete actions as opposed to just rhetoric,” he said.

The ongoing contrast between public perception and structural realities suggests that corruption in Western Europe remains influential, even when it is less visible, and continues to shape debates on governance, oversight, and international aid.

Crypto assets faced a turbulent year in 2025, with a sharp market sell-off in October triggered by US President Donald Trump’s threat of new tariffs on China. Despite volatility, European interest in cryptocurrencies continues to grow, with ownership rates rising across the continent.

According to the ‘Web3 Industry in France and Europe’ report by Adan, more than 90 percent of adults in major European economies are aware of crypto assets. Data from the European Central Bank shows that nine percent of eurozone adults held crypto in 2024, up from four percent in 2022. Ownership varies across countries, ranging from six percent in the Netherlands and Germany to 15 percent in Slovenia. Greece, Ireland, Croatia, Cyprus, Lithuania, and Austria follow closely, reflecting modest differences among nations.

James Sullivan, chief risk and compliance officer at BCB Group, said ownership patterns are shaped by digital adoption, investor risk appetite, and local market conditions. “Countries with strong financial innovation and a younger, predominantly male investor base tend to lead,” he told Euronews Business. Regulatory and economic factors also play a role. In markets with limited traditional investment options, crypto is often used speculatively, while awareness campaigns, like those in Italy, can boost adoption.

The UK, though not part of the eurozone, shows strong crypto activity, ranking third globally in transaction volumes behind the US and India as of 2024.

Across the eurozone, ownership more than doubled between 2022 and 2024. Greece and Lithuania recorded the largest increases, rising by ten percentage points, while Cyprus, Belgium, Ireland, Austria, Slovakia, Slovenia, Portugal, and Italy also saw gains of seven points or more. The Netherlands remained stable, while data for Croatia in 2022 is unavailable. Sullivan said this trend reflects growing consumer confidence, supported by global market momentum and the European Union’s Markets in Crypto-Assets (MiCA) regulation.

MiCA establishes uniform rules for crypto assets, providing regulatory clarity and consumer protection. Sullivan said the framework signals mainstream recognition of crypto, encouraging cautious investors to enter the market.

Investment remains the primary use for crypto. In the eurozone, 64 percent of holders use it for investment, while 16 percent use it for payments, and 19 percent for both. The Netherlands and Germany show the highest focus on investment despite lower overall ownership, while France has the largest share of users leveraging crypto for payments at 25 percent.

Sullivan noted that most European consumers still use crypto primarily for speculation rather than daily transactions. While stablecoins could offer practical payment solutions, their adoption remains limited compared with traditional methods such as cards and cash. He added that the long-term success of crypto as a transactional tool will depend on MiCA’s effectiveness in regulating euro-denominated stablecoins and integrating them into existing payment systems.

Despite 2025’s volatility, the rise in ownership indicates that European retail interest in crypto remains strong, with regulation and market momentum supporting continued growth.