Netflix Emerges as Strong Contender to Acquire Warner Bros. Discovery

• Netflix has become the leading contender to acquire Warner Bros. Discovery (WBD), offering $28 per share, primarily in cash, which is significantly higher than both the market price and Paramount’s offer.
• This acquisition would allow Netflix to take control of major franchises such as Harry Potter, Game of Thrones, and DC Comics, turning the company into a fully integrated media powerhouse, reducing its reliance on external studios.
• Paramount has accused the WBD board of being biased in favor of Netflix, and Hollywood insiders are urging Congress to intervene, fearing a monopoly crisis in the industry.

According to Reuters, Netflix Inc. is currently in exclusive talks to acquire WBD’s film, television, and streaming business, ahead of other competitors such as Paramount Skydance and Comcast.

WBD, the parent company of prominent channels like HBO, is currently undergoing corporate restructuring and has opened a second round of acquisition offers this week.

Netflix's offer is considered the most attractive, with a $28 per share offer largely in cash, which significantly exceeds the $24 offer from Paramount, which also included cable TV businesses like CNN, TNT, and TBS.

Analysts view Netflix’s move as an effort to transition away from its monthly subscription-based model and gain ownership of high-value intellectual property (IP).

If Netflix successfully acquires WBD, it will cement its status as a major player in the global media landscape, acquiring top franchises such as Harry Potter, Game of Thrones, and DC Comics. This would also give Netflix the opportunity to expand into gaming, events, and merchandising.

Bloomberg reports that Netflix is so confident about the deal that it has agreed to a $5 billion breakup fee if the acquisition is blocked by regulators, ensuring the deal moves forward.

The potential acquisition has sent shockwaves through Hollywood, with Variety reporting that influential figures in the entertainment industry are calling for Congress to intervene due to fears of a monopoly in the media sector.

Meanwhile, the competition has intensified, with CNBC revealing a letter from Paramount's legal team to the WBD board, stating that the sales process has been unfair and that Netflix has received preferential treatment over other bidders.

In October 2025, Paramount had proposed a $60 billion acquisition of WBD, but the deal was rejected by the WBD board before they decided to sell their assets.