As announced Friday, Netflix and Warner Bros. Discovery have agreed to terms on an $82.7 billion cash-and-stock deal that would give Netflix control of assets including the Warner Bros. film and TV studios, HBO and the HBO Max streaming service, and major franchises like DC and Game of Thrones. The agreement does not include Warner Bros. Discovery’s cable networks — such as CNN, TNT, and Discovery — which will be spun off into a separate company.
As part of its bid to buy Warner Bros. Discovery, Netflix has pledged to continue releasing movies in theaters. The acquisition is still nonetheless expected to face major antitrust scrutiny; on Thursday, an anonymous group of “concerned feature film producers” sent a letter to Congress warning about the deal’s implications, arguing it would “effectively hold a noose around the theatrical marketplace.”
Meanwhile, Paramount has argued that a Netflix acquisition would raise regulatory concerns, and has hinted at legal action if Warner Bros. Discovery moved forward with Netflix. It’s also worth noting that Paramount has the backing of the Trump administration.
Article Appeared @https://consequence.net/2025/12/netflix-wins-bidding-war-to-purchase-warner-bros-discovery/