Competition Heats Up Over Warner Bros as Netflix Emerges Leading Bidder

Mon Dec 08 2025 06:17:41 GMT+0200 (Eastern European Standard Time)

Netflix is reportedly close to finalizing a deal to acquire Warner Bros Discovery's film and streaming businesses, presenting a competitive challenge to rival ventures.

Multiple reports indicate that Netflix has positioned itself as the leading bidder for Warner Bros Discovery, offering $28 per share. This bid surpasses those from Comcast and Paramount Skydance, which had previously attempted to acquire aspects of the company. Paramount's concerns over the sale process have added an element of controversy, intensifying the bidding war and raising questions about the implications for the entertainment landscape.

Netflix is closing in on a deal to buy the film and streaming businesses of Warner Bros Discovery, according to multiple reports.

The streaming giant has emerged as the top bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after offering $28 (£21) per share, according to several outlets including Reuters.

Paramount made an initial bid to buy the whole company, including its cable networks such as CNN, for $24 a share in October which Warner Bros rejected before putting itself up for sale.

Paramount's lawyers have questioned the fairness and adequacy of the sale process this week. They submitted a renewed bid for closer to $27 a share on Thursday.

Warner Bros owns key franchises including Harry Potter and Game of Thrones, in addition to its streaming service HBO Max.

Investment strategist Emma Wall noted the importance of differentiating between the Paramount and Netflix bids, highlighting that Paramount's offer included less profitable parts of the company. Paramount has accused Warner Bros of favoring Netflix in the bidding process, causing additional complications.

As the bidding contest intensifies, it raises questions about future regulatory scrutiny, given the significant consolidation it represents within the broadcast entertainment industry.