Netflix Moves Ahead in High-Stakes Bid for Warner Bros

Fri Dec 05 2025 13:22:57 GMT+0200 (Eastern European Standard Time)

In a competitive bidding war, Netflix is ramping up efforts to acquire Warner Bros Discovery, placing a strong offer amid challenges from rivals like Paramount.

Netflix has emerged as the leading bidder for Warner Bros Discovery, offering $28 per share, surpassing bids from competitors like Paramount. The potential acquisition could significantly reshape the landscape of streaming and film entertainment, with concerns over competition regulation looming. Paramount has also renewed its interest with a bid closer to $27 per share, raising questions about the fairness of the sale process.

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.

Netflix, Warner Bros, and Paramount have been approached for comment.

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 emphasized the difference between the Paramount and Netflix bids, pointing out that Paramount's offer included parts of Warner Bros that are not performing well.

Netflix's bid is only for parts of the business that are doing well, she noted.

Ms. Wall remarked on Paramount's unusual decision to accuse Warner Bros of favoring Netflix, suggesting their offer could be breached.

Both bids come amid expectations that the US competition regulator will scrutinize the acquisition due to its potential to create a global mega power in broadcast entertainment..