Netflix to Begin Exclusive Talks for Warner Bros. Discovery Assets

LOS ANGELES, CA — Netflix is set to enter exclusive negotiations to acquire Warner Bros. Discovery (WBD) after placing the highest bid of $30 per share, sources close to the deal announced on December 4, 2025. This development adds pressure on rival bidders, particularly Paramount, which is also vying for WBD’s assets.

The decision comes as part of WBD’s strategic move to sell off its assets, which include iconic properties such as HBO Max and the Warner Bros. studios. This process began when WBD opened itself to offers in October.

Netflix’s aggressive bid includes a $5 billion breakup fee, aligned with terms that Paramount proposed. The streaming giant’s offer represents a significant shift from just two months ago, when many believed Paramount had a clear path to closing a deal for WBD.

The competitive bidding war has seen Netflix emerge as a front-runner in a fast-paced merger and acquisition landscape. Past statements from Netflix co-CEO Greg Peters indicated skepticism towards large media mergers; however, the current scenario suggests a rapid turnaround for the company.

The implications of a deal with Netflix are substantial. If successful, it would further entrench the streaming service’s influence in Hollywood and may foster further industry changes. Netflix aims to acquire key intellectual property, including franchises like “Harry Potter” and the DC Universe, potentially reshaping entertainment dynamics.

However, regulatory hurdles loom large, as experts predict that the acquisition could face scrutiny from the U.S. Department of Justice. Concerns about reduced competition in the market have already been raised by several officials, including Rep. Darrell Issa and California Attorney General Robert Bonta.

As negotiations commence, insiders indicate that WBD is leaning towards Netflix due to existing relationships and perceived stewardship, although Paramount continues to challenge the fairness of the bidding process.

In a statement, representatives for both Netflix and WBD did not provide immediate comments regarding the ongoing negotiations.