After beating out competitors like Paramount, Skydance, and Comcast in a bidding war, Netflix is now in exclusive talks to buy Warner Bros. Discovery’s film and TV studios and the HBO Max streaming service. The streaming giant’s offer, which is said to be worth $28 to $30 per share and comes with a $5 billion breakup fee, would give it control over iconic assets like DC Comics characters, the Harry Potter franchise, and a century of Warner Bros. movies. This would make it the most powerful company in Hollywood. If talks go well, an announcement of a deal could come in a few days, but there are big regulatory problems to deal with.
In October 2025, Warner Bros. Discovery started the sale process. Bids came in for its studio and streaming assets, but it also spun off its cable networks. Netflix beat out the competition with a cash-heavy offer, and after making changes over the Thanksgiving weekend that included bridge loans and debt financing, it moved ahead. Paramount’s offer, which was backed by Larry Ellison’s family and Skydance, was aimed at more of WBD but fell short.
If this merger goes through, Netflix would get Warner Bros.’ huge TV production, which already makes hits like “You” and “Maid,” as well as HBO’s high-quality dramas. This would change how content is distributed. Netflix could say that competition from YouTube makes monopoly fears less of a problem, but it could also mean that Warner films have shorter theatrical windows. The two companies together would own huge libraries, which could put an end to the “streaming wars” and make Netflix the most powerful company in Hollywood.
