Netflix Enters Exclusive Deal Talks for Warner Bros. Discovery
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Netflix has entered exclusive talks with Warner Bros. Discovery
to acquire the company's film and television studio, as well as
the HBO Max streaming service, Variety confirms.

The development comes after a weeks-long bidding war for the
assets at Warner Bros. Discovery between Netflix and rivals
Paramount Skydance and Comcast. Paramount Skydance, under the
newly minted studio CEO David Ellison, had sought to acquire
the entirety of Warner Bros. Discovery in an all-cash deal,
while both Netflix and Comcast only submitted bids for the
company's studio and streaming businesses.

Prior to a potential sale to Netflix, Warner Bros. Discovery
would complete its plans to spin off its cable channels,
including CNN, TBS, TNT, TruTV and the Discovery Channel.

The news follows months of speculation and anxiety in the
larger entertainment and media sector surrounding the potential
sale of Warner Bros. Discovery. Ellison's Paramount was the
first and, arguably, most aggressive bidder at roughly $27 per
share for the whole of Warner Bros. Discovery. Netflix and
Comcast came in later to solidify an intense horse race.

The bidding war saw highest offers submitted Monday. Paramount
went nuclear Thursday morning,?accusing Netflix of impropriety?
surrounding its bid for the legendary studio, arguing that it
"has a credible basis to believe that the sales process has
been tainted by management conflicts, including certain members
of management's potential personal interests in
post-transaction roles and compensation."

Paramount's offer submitted on Monday?included financial
backing of three Middle Eastern sovereign wealth funds,?
Variety?reported.

Should Netflix and Warner Bros. Discovery reach a deal, it
would mark a seismic transformation to the media landscape. As
the leader in paid streaming services, Netflix has grown into
far and away the biggest company in Hollywood. The streamer has
never acquired a major studio before; it instead reached its
dominant position by starting as the first premier streamer,
beginning with a library of licensed content from traditional
studios before developing its own projects in-house. A deal
would give Netflix rights to the Warner Bros. library and its
IP, including comic book characters at DC Studios, acclaimed
HBO series, Harry Potter and over 100 years of output from the
film studio.

A potential acquisition is also expected to face antitrust
scrutiny. On Thursday, Variety exclusively reported that a
consortium of A-list talent signed an open letter to Congress,
imploring members to speak out against a Netflix deal and
arguing that the streamer would "effectively hold a noose
around the theatrical marketplace" by reducing output to movie
theaters and forcing down subsequent licensing fees for home
video windows. The statement was signed anonymously, with an
explanation that it was done so "not out of cowardice" but
fear of retaliation, given Netflix's considerable power in the
marketplace.



<https://variety.com/2025/biz/news/netflix-enters-deal-talks-buy-warner-bros-1236600804/>






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