Netflix Edges Closer to Acquiring Warner Bros Discovery in High-Stakes Bid

Sat Dec 20 2025 14:14:48 GMT+0200 (Eastern European Standard Time)

Netflix has positioned itself as the leading bidder for Warner Bros Discovery's film and streaming businesses, surpassing offers from competitors like Paramount and Comcast.

In a dramatic turn in the media landscape, Netflix is reportedly close to sealing a deal to acquire Warner Bros Discovery, offering $28 per share in a bid that outpaces rivals. Paramount had previously made a bid of $24 per share which was rejected, raising questions about fairness in the sales process. The acquisition could significantly reshape the streaming and film industries, prompting potential regulatory scrutiny.

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.

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 key differences between the Paramount and Netflix bids, especially noting that Paramount's offer included parts of Warner Bros that are less profitable.

Ms. Wall remarked, Netflix bid is only for parts of the business, and those are the parts of the business that are doing well. Paramount has accused Warner Bros of favoring Netflix's bid, arguing that it comes at the expense of Warner Bros shareholders.

As the bidding war escalates, questions regarding possible regulatory involvement loom, with experts suggesting any final acquisition could reshape the media landscape significantly.