Netflix–Warner Bros. acquisition

Proposed 2025 acquisition of Warner Bros. Discovery by Netflix

Netflix–Warner Bros. acquisition refers to the proposed purchase of Warner Bros. Discovery by Netflix in December 2025. The deal, valued at an estimated $72 billion, would be one of the largest media mergers in U.S. history and could reshape the global entertainment industry. The proposal immediately sparked debate among regulators, investors, and competing studios, with questions surrounding antitrust law, media consolidation, and the future of popular entertainment brands such as HBO, DC Films, and CNN.

The acquisition talks emerged alongside a rival offer from Paramount Global, creating a rare corporate bidding war for one of Hollywood’s most historic film and television companies.

Background

Warner Bros. Discovery, formed in 2022 after the merger of WarnerMedia and Discovery, owns a wide portfolio of media assets, including:

Warner Bros. Pictures
HBO and Max streaming service
DC Entertainment
CNN
Warner Bros. Television
Discovery Channel, Animal Planet, HGTV, and more

Throughout 2024–2025, the company struggled with high debt, declining linear-TV revenue, and a competitive streaming market dominated by Disney+, Amazon, and Netflix. Analysts described Warner Bros. Discovery as a likely acquisition target.

At the same time, Netflix sought to expand beyond streaming and strengthen its position in film production, sports rights, and live content.

The proposed acquisition

Media reports on December 8–11, 2025 revealed that Netflix executives had opened preliminary discussions with Warner Bros. Discovery regarding a full acquisition. Early estimates placed the deal at approximately $72 billion, though the final valuation could vary based on debt and asset restructuring.

If approved, the acquisition would give Netflix control of:

the Warner Bros. film studio
HBO and the Max service
DC Comics and DC Films
Cartoon Network and Adult Swim
Global news assets through CNN
Extensive film and TV archives

Paramount’s counter-offer

Shortly after news of the Netflix proposal, Paramount Global reportedly entered the negotiations with a competing, “hostile” offer. Paramount encouraged Warner Bros. Discovery shareholders to reject the Netflix bid, arguing that their own offer preserved more brand independence and created a more balanced traditional–streaming hybrid company.

Industry observers noted that Paramount’s involvement increased the likelihood of an antitrust showdown.

Regulatory concerns

The potential merger immediately drew scrutiny from:

the U.S. Department of Justice
the Federal Trade Commission
members of Congress
media watchdog groups

Key concerns included:

excessive consolidation of film and TV production
reduced competition in the streaming market
potential job losses
the fate of independent film studios and distributors
control of major news and information outlets (CNN)

Analysts compared the situation to previous blocked mergers, such as AT&T’s attempted acquisition of T-Mobile and Comcast’s failed bid for Fox.

Industry reaction

Support

Supporters argued that:

Netflix gaining major studios could ensure long-term stability for Warner Bros.
combining Max with Netflix might strengthen competition against Disney+ and Amazon
the merger could streamline production budgets and cross-platform releases

Criticism

Opponents warned of:

fewer choices for consumers
increased subscription prices
reduced creative diversity
dominance of a single company over streaming, film, and news

Hollywood unions expressed concerns about consolidation affecting writers, actors, and production crews.

Impact on major Warner Bros. brands

If approved, the acquisition would place several major entertainment brands under Netflix’s control:

HBO / Max – Integration with Netflix’s streaming platform could force a complete restructuring of premium content distribution.
DC Films – A Netflix-owned DC Universe could compete directly with Disney’s Marvel franchise.
CNN – Ownership of a global news network raises regulatory and media ethics concerns.
Warner Bros. Pictures – One of the oldest studios in America would operate under a streaming-first company.

Some analysts predicted Netflix might sell off CNN or other news assets to avoid antitrust complications.

Current status

As of December 2025:

Discussions remain preliminary.
Netflix has not submitted a formal acquisition filing.
Paramount continues to signal interest in submitting an alternative proposal.
Regulators have issued early warnings, signaling a lengthy review if a formal merger is attempted.

Most analysts believe any completed acquisition would not occur before 2027, assuming regulatory approval.

Notes

This article summarizes the known details of the proposed Netflix–Warner Bros. acquisition as reported in December 2025.