Netflix filed a preliminary, non‑binding offer for Warner Bros. Discovery on November 20, 2025, joining Paramount Skydance and Comcast in the first‑round bidding process. The bid focuses on the studio and streaming assets, excluding the company’s linear cable networks.
Warner Bros. Discovery, valued at roughly $57 billion with $33.5 billion of debt and $101.7 billion in assets, is in the midst of a planned split into a “Streaming & Studios” unit and a “Global Linear Networks” unit. Netflix and Comcast are interested only in the Streaming & Studios portion, while Paramount seeks the entire company. WBD’s board has already rejected three prior offers from Paramount, deeming them too low.
The strategic appeal for Netflix lies in acquiring iconic franchises—Batman, Harry Potter, DC Comics—and premium HBO content, which would significantly expand its content library and strengthen its competitive position against Disney+ and Amazon Prime Video. The bid also signals a strategic shift: Netflix would honor existing theatrical release agreements, a departure from its usual model that could ease regulatory concerns.
Analysts estimate that the bids could push Warner Bros. Discovery’s valuation above $60 billion, with shares trading near $23 per share, compared to Paramount’s $19–$23.50 offers. The premium reflects Netflix’s willingness to pay for high‑value intellectual property that can drive subscriber growth and long‑term revenue.
Investors reacted positively, indicating confidence that a sale would unlock greater value than the planned breakup. Analysts noted that a sale would provide a clearer path to monetizing WBD’s extensive content library.
WBD CEO David Zaslav said the auction process should conclude by year‑end, while Netflix co‑CEO Ted Sarandos emphasized that Netflix is a “builder, not a buyer,” but the willingness to honor theatrical releases shows strategic flexibility.
A successful acquisition would reshape the streaming landscape, giving Netflix a vast content library and potentially challenging Disney+ and Amazon Prime Video. Regulatory scrutiny could arise, especially if a Netflix‑Comcast combination is considered.
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