Netflix has won the massive bidding war to purchase Warner Bros. Discovery and is now entering exclusive deal talks. The deal includes Warner Bros. Studios as well as the HBO Max streaming assets, and the streamer is expected to reshape its business model by absorbing a major Hollywood studio.
According to the Wrap, Netflix has secured exclusive talks to acquire Warner Bros. Discovery, which owns major franchises and properties including DC Comics, Harry Potter, Lord of the Rings, Game of Thrones, HBO and HBO Max, Looney Tunes, and Scooby-Doo.
Reports indicate that Netflix is offering $30 per share for Warner Bros. Discovery’s studio and streaming assets, representing a bold move into large-scale content ownership far beyond traditional licensing.
Recently, Forbes reported that even if Warner Bros. Discovery is sold, James Gunn and Peter Safran’s DC Universe will remain unchanged, allowing them to continue executing their long-term plans without interference.
Deadline reported that the Directors Guild of America (DGA) plans to meet with Netflix to address concerns about the streamer’s potential acquisition of Warner Bros. Discovery. A DGA spokesperson said the situation “raises significant concerns for the DGA,” signaling early industry pushback. The guild’s concerns likely relate to issues such as creative oversight, labor conditions, industry consolidation, and potential impacts on directors and production standards.
In a statement, the spokesperson said, “We believe that a vibrant, competitive industry — one that fosters creativity and encourages genuine competition for talent — is essential to safeguarding the careers and creative rights of directors and their teams. We will be meeting with Netflix to outline our concerns and better understand their vision for the future of the company. While we undertake this due diligence, we will not be commenting further.”
Antitrust Hurdles Loom as Netflix Moves Toward Game-Changing WBD Acquisition
A Netflix–WBD merger would raise antitrust questions, given Netflix’s dominant streaming market position and WBD’s vast entertainment portfolio (HBO, Warner Bros. Pictures, DC, etc.).
The size and scope of the deal could spark significant federal review. A mostly cash-and-stock offer, similar to Netflix’s prior bid, combined with a premium share price, could be appealing to investors seeking stability after years of restructuring and debt concerns. Netflix could streamline or even overhaul HBO, Max, and Warner Bros. Studios to integrate them into its high-efficiency content machine—potentially cutting costs but also raising concerns about creative autonomy.
WBD CEO David Zaslav officially put the company up for sale in October, while also confirming that the previously announced plan to split WBD into two separate publicly traded companies was still moving forward.
The WBD board had been under growing pressure to act, as the company’s stock had fallen sharply since its 2022 merger—from about $25 a share down to a low of $7.52. The split plan helped boost WBD’s stock earlier this year, and news of Paramount’s offers pushed shares even higher, bringing them back toward the $25 range.
Source: The Wrap and CNN
