Netflix stunned the entertainment industry on Friday by announcing a $72 billion deal to buy Warner Bros. and HBO from Warner Bros. Discovery, winning a fierce bidding war that had long favored Paramount.
The agreement, which hinges on WBD’s planned 2026 corporate split, would give Netflix control of Warner’s storied film and TV studio as well as HBO Max, while Discovery Global would remain independent and retain CNN.
Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
If approved, the merger would create an unmatched streaming powerhouse and potentially end the decade-long “streaming wars.”
Analysts say the combination poses major antitrust concerns, with Sen. Mike Lee warning that Netflix would be absorbing its strongest competitor.
Breaking news: Netflix has agreed an $83bn takeover of the studios and streaming businesses of Warner Bros Discovery, in a deal set to reshape Hollywood and create a new global entertainment powerhouse. https://t.co/8JmHXruASi pic.twitter.com/En0Y8MrSRF
— Financial Times (@FT) December 5, 2025
The Trump administration will lead the regulatory review, setting up what could be a contentious political and legal fight.
Paramount and Comcast may still pursue their own bids, ensuring the corporate drama surrounding WBD is far from resolved.
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TIPP Staff
