Netflix Set to Acquire Warner Bros in Competitive Bidding War

Fri Dec 05 2025 14:33:34 GMT+0200 (Eastern European Standard Time)

Netflix is reportedly the leading contender to purchase the film and streaming assets of Warner Bros Discovery, outbidding rivals Paramount and Comcast.

In a significant move in the entertainment industry, Netflix has positioned itself as the top bidder to acquire Warner Bros Discovery, offering $28 per share. This bid surpasses previous offers from Paramount, which had made a lower bid for the entire company. Analysts suggest that this acquisition could reshape the landscape of streaming and broadcasting, with potential regulatory scrutiny ahead.

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 highlighted the difference between the Paramount and Netflix bids, noting that Paramount's bid included parts of Warner Bros business that have been dragging on profitability.

Netflix's bid is only for parts of the business that are doing well, she said.

Ms. Wall pointed out that Paramount had taken the unusual step of accusing Warner Bros of favoring Netflix in the process, asserting that Netflix's offer could lead to a breakup of the business, which would not be favorable to Warner Bros shareholders.

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

Regardless of who ultimately acquires Warner Bros, Ms. Wall suggested that the US competition regulator would likely intervene, stating, this will create a global mega power in broadcast entertainment which the regulator will want to look at.

}