Netflix Closing In on Landmark Deal for Warner Bros Discovery

Fri Dec 05 2025 13:38:58 GMT+0200 (Eastern European Standard Time)

Netflix has emerged as the frontrunner in acquiring Warner Bros Discovery, surpassing bids from Paramount and Comcast with a notable offer.

Netflix is reportedly close to finalizing a deal to acquire the film and streaming divisions of Warner Bros Discovery, after making a $28 per share offer. This bid puts Netflix ahead of competitors like Paramount, who previously sought to buy the entire company. The acquisition could reshape the media landscape significantly, drawing attention from regulators amid concerns over competition. Warner Bros owns valuable franchises such as Harry Potter and Game of Thrones, heightening the stakes of this bidding war.

Netflix is closing in on a deal to buy the film and streaming businesses of Warner Bros Discovery, according to multiple reports.

The streaming giant has emerged as the top bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after offering $28 (£21) per share, according to several outlets including Reuters and the New York Times.

Paramount made an initial bid to buy the whole company, including its cable networks such as CNN, for $24 a share in October which Warner Bros rejected before putting itself up for sale.

Paramount's lawyers have questioned the fairness and adequacy of the sale process this week, in a letter seen by CNBC.

Paramount submitted a renewed bid for closer to $27 a share on Thursday, CNN reported.

Warner Bros owns franchises including Harry Potter and Game of Thrones, and the streaming service HBO Max.

Netflix, Warner Bros and Paramount have been approached for comment.

Emma Wall, chief investment strategist at Hargreaves Lansdown, said the takeover battle was a drama for people who make drama.

Speaking to BBC's Today programme, she noted the difference between the Paramount and Netflix bids, highlighting that Paramount's bid included parts of Warner Bros that have been dragging on profitability while Netflix's bid focuses on the more successful components.

Ms. Wall also mentioned that Paramount has accused Warner Bros of preferring Netflix in the bidding process, asserting that Netflix's offer might not be as beneficial for Warner Bros shareholders due to the required breakup of the company.

According to CNBC, Paramount's lawyers accused Warner Bros of conducting a myopic process with a predetermined outcome that favors a single bidder.

Regardless of who manages to acquire Warner Bros, Ms. Wall indicated that the US competition regulator is likely to scrutinize the deal.

Whether Netflix is successful in this bid or if Paramount returns with a revised offer, this will create a global mega power in broadcast entertainment which regulators will need to review, she stated.