Netflix Poised to Buy Warner Bros Discovery in Game-Changing Streaming Deal

Lead paragraph Netflix has leaped to the front of the streaming pack by entering exclusive negotiations to acquire key film, television and streaming assets from Warner Bros. Discovery in a potential multi-billion-dollar deal that could redraw Hollywood’s competitive landscape. A $70 billion-plus price tag According to people familiar with the talks, Netflix’s cash-and-stock offer is valued between $28 and $30 per share, implying an enterprise value of roughly $70-75 billion for the studio behind “Harry Potter,” “The Batman” and HBO Max. The bid comfortably tops rival proposals from Paramount Global and Comcast’s NBCUniversal, which had also courted Warner Bros. Discovery (WBD) earlier this year. Why Netflix wants Warner Bros. Discovery • Premium IP library: Adding franchises such as DC, “Game of Thrones” and “Friends” would super-charge Netflix’s content vault and reduce its long-term licensing costs. • Global subscriber growth: HBO Max’s 94 million subscribers could be migrated into Netflix’s ecosystem, accelerating the company’s path toward 350 million paid memberships. • Advertising upside: WBD’s established ad-supported tiers would bolster Netflix’s nascent ad business and diversify revenue streams. Competitive and regulatory hurdles The U.S. Department of Justice is expected to scrutinize the deal’s impact on content distribution and labor markets, especially after the writers’ and actors’ strikes underscored the power of streaming giants. Analysts also note that absorbing Warner’s union-heavy studio workforce would test Netflix’s historically lean operating model. What happens to HBO Max and Discovery+? Early deal outlines suggest HBO Max could be folded into Netflix as a premium bundle, while Discovery+ might remain a stand-alone app targeting unscripted fans. Industry executives say maintaining multiple brands could appease regulators worried about consumer choice. Timeline and next steps • December 2025: 30-day exclusivity window for due diligence and final documentation. • Q1 2026: Shareholder votes at both companies; antitrust filing in the U.S. and European Union. • Late 2026: Targeted closing, assuming regulatory clearance. Market reaction WBD shares surged more than 18 percent in early Friday trading, narrowing the gap with Netflix’s proposed offer price. Netflix stock slipped 2 percent as investors weighed the short-term dilution against long-term strategic gains. Expert commentary “Combining Netflix’s recommendation engine with Warner’s tent-pole IP instantly creates the world’s most powerful content machine,” said media analyst Laura Martin, noting that the merger could force Disney and Amazon to accelerate their own acquisition plans. Bottom line If the transaction closes, Netflix will own one of Hollywood’s crown jewels, ending years of speculation over Warner Bros. Discovery’s future and ushering in a new phase of consolidation in the streaming wars.