What to know about Netflix’s landmark acquisition of Warner Bros

Summary

​If you thought 2025 couldn’t get any crazier, the streaming world had one more surprise up its sleeve before the year ended. Netflix, already the largest streaming platform with over 325 million subscribers, took a bold step by acquiring Warner Bros.’ film and television studios, as well as HBO, HBO Max, and other assets. The deal, announced in early December, will bring together some of the most legendary franchises, such as Game of Thrones, Harry Potter, and DC Comics properties, among others, all under one roof. ​The scale of this megadeal has stunned industry observers. It’s not only historic in its size but also predicted to disrupt Hollywood as we know it. We’re here to break down exactly what’s happening with the Netflix–WBD deal, including the latest developments, what’s at stake, and what could come next. What has happened so far? ​This all started back in October when WBD revealed it was exploring a potential sale after receiving unsolicited interest from several major players in the industry. For years, WBD has struggled under the weight of billions of dollars in debt, compounded by declining cable viewership and fierce competition from streaming platforms. These financial pressures forced the company to consider major strategic changes, including selling its entertainment assets to one of its rivals. ​The bidding process quickly became competitive. Several major players saw the potential in acquiring the media giant. Paramount and Comcast emerged as serious contenders, with Paramount initially viewed as the frontrunner. Techcrunch event San Francisco | October 13-15, 2026 But ultimately, WBD’s board determined that Netflix’s offer was the most attractive, despite Paramount offering approximately $108 billion in cash. Paramount’s bid aimed to acquire the entire company, while Netflix’s offer focused specifically on the film, television, and streaming assets. Additionally, Netflix recently amended its agreement to an all-cash offer at $27.75 per WBD share...