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Netflix is reportedly in exclusive negotiations to acquire Warner Bros Discovery’s film and television studios, along with key streaming assets, after submitting a competitive bid valued at $28 per share. According to a source familiar with the talks, the offer places Netflix ahead of other interested buyers, including Paramount Skydance and Comcast, which submitted initial proposals earlier in the sales process. The bid represents a premium over Warner Bros Discovery’s recent closing price of $24.54, and surpasses Paramount’s earlier offer of nearly $24 per share for the full portfolio, which includes cable networks such as CNN, TNT, and TBS.
The move underscores Netflix’s strategic shift toward deeper vertical integration as it expands beyond its core subscription business. Acquiring Warner Bros Discovery would grant Netflix long-term control over some of Hollywood’s most influential franchises, including Harry Potter, Game of Thrones, and DC Comics. Such an acquisition would significantly bolster Netflix’s content library and reduce dependence on external studios, supporting its broader ambitions in gaming, live entertainment, and new consumer experiences. Reports also indicate that Netflix has proposed a $5 billion breakup fee should regulators block the deal, signaling confidence in the transaction’s viability.
However, the potential acquisition has sparked industry-wide concern. Leading film industry figures have urged U.S. lawmakers to review the deal, warning of potential economic and structural risks to Hollywood. Meanwhile, Paramount has criticized Warner Bros Discovery for what it describes as an unfair sale process that favors Netflix, according to a letter cited by CNBC. Paramount had previously made a nearly $60 billion bid for the entire company last October, which was rejected before Warner Bros Discovery launched its formal asset sale.
Neither Netflix nor Warner Bros Discovery has commented publicly as negotiations continue, but reports suggest an agreement could be announced soon.
