Netflix Acquires Warner Bros. Discovery in $72 Billion Deal
Los Angeles, Friday, 5 December 2025.
Netflix has secured a $72 billion deal to acquire Warner Bros. Discovery’s film and streaming assets, marking a pivotal shift in the media industry as traditional giants adjust to the streaming era.
A Landmark Acquisition
In a landmark decision, Netflix has secured a $72 billion deal to acquire Warner Bros. Discovery’s film and streaming assets, making a significant impact on the global media landscape. This acquisition, confirmed on December 5, 2025, marks a pivotal shift as Netflix, the streaming giant, expands its empire to include some of Hollywood’s most prestigious properties such as the Warner Bros. Studios and HBO Max [1][2].
Strategic Implications
The agreement grants Netflix control over a vast library of intellectual properties, including DC Comics and the Harry Potter franchise, as well as the HBO Max streaming service. This move is expected to strengthen Netflix’s competitive position in the streaming market, further solidifying its dominance in the industry [2][3]. The acquisition also includes a cash and stock transaction valued at $27.75 per Warner Bros. Discovery share, culminating in an equity value of $72 billion and a total enterprise value of approximately $82.7 billion [2].
Competitive Landscape
The bidding process for Warner Bros. Discovery was highly competitive, with Paramount Skydance and Comcast also vying for the media assets. However, Netflix’s offer of $30 per share, largely in cash, ultimately won the day [3][4]. Paramount expressed concerns about potential antitrust hurdles, arguing that the acquisition could face significant regulatory scrutiny due to its potential impact on market competition [1][4].
Regulatory Challenges Ahead
The deal is subject to regulatory approval and the consent of Warner Bros. Discovery shareholders, with potential completion expected in the third quarter of 2026 [2]. Antitrust concerns have been raised, with the U.S. Department of Justice and the California Attorney General expressing opposition, citing the risk of reduced consumer choice and increased pricing power for Netflix [4][5]. Netflix has been actively engaging with regulators to mitigate these concerns, emphasizing potential consumer benefits such as reduced streaming costs through bundled offerings [6].