Netflix Set to Become Hollywood Giant in $72B Warner Bros. Deal

Netflix has emerged as the frontrunner in the blockbuster chase for Warner Bros. Discovery, sources told CNN, offering roughly $28 per share for the studio and HBO Max. The move would bring Game of Thrones, Harry Potter, The Matrix, and Looney Tunes under one roof, creating a streaming colossus.

Rivals Paramount Skydance, led by David Ellison, and Comcast have also submitted bids. Paramount’s offer, slightly lower at $27 per share, sought to acquire the entire Warner Bros. Discovery company, including CNN and other cable networks. Paramount’s legal team has publicly questioned the sale process, alleging it favors Netflix—a move some analysts see as a prelude to a potential hostile takeover.

The sale comes amid a company split planned by Warner Bros. Discovery, which will separate its movie and streaming operations from cable and news channels in 2026. The split is intended to unlock shareholder value after the company’s stock dropped from $25 to $7.52 following its 2022 merger.

The deal has drawn attention far beyond Hollywood. U.S. President Donald Trump flagged concerns over Netflix’s market share, saying the merger “could be a problem” and that he would personally weigh in on its approval. Analysts warn that the transaction will face scrutiny from the U.S. Justice Department, as well as regulators in Europe, the U.K., and Latin America. (BBC)

Industry voices have also sounded alarms. The Writers Guild of America called for the merger to be blocked, warning that a Netflix-Warner Bros. combination could “eliminate jobs, push down wages, worsen conditions, and reduce the volume and diversity of content for viewers.”

Despite the pushback, Netflix co-CEO Ted Sarandos framed the deal as a long-term strategic play. “This is a chance to position Netflix for success in the decades to come,” he said, according to Bloomberg. Exclusive talks are underway, with completion expected after Warner Bros. Discovery finalizes its corporate split next year.

If approved, Netflix would become the undisputed leader in global streaming, consolidating some of Hollywood’s most lucrative franchises. For fans, investors, and regulators alike, the outcome of this high-stakes showdown could reshape the entertainment industry for decades.