Netflix has secured a deal to acquire Warner Bros. Discovery, marking a major victory in a tumultuous auction process. The streaming giant offered around $28 per share, mostly in cash, and will start exclusive talks with the company’s board to finalize the acquisition.
The deal would give Netflix control over the Warner Bros. Studios and HBO Max streaming assets, including popular franchises like Harry Potter, DC Comics, and Game of Thrones. Paramount had also bid for the studio, but its offer was deemed less favorable due to antitrust concerns.
Warner Bros. Discovery shares have surged nearly 6% in late trading, reaching a 52-week high of $26. The acquisition would mark a significant shift for Netflix, which has traditionally focused on organic growth rather than acquisitions.
Industry experts believe the deal would provide Netflix with a deep set of well-known IP and physical production capacity, helping to attract top talent and expand its global presence. However, concerns about antitrust hurdles and the potential impact on the film community remain.
Source: https://deadline.com/2025/12/netflix-wins-bidding-for-warner-bros-discovery-1236637057