Netflix agreed to acquire Warner Bros Discovery studios and the streaming business – the group owns HBO Max – for US$83 billion (€71 billion), US$27.75 (€23.82) per share. It is expected that the transaction, advanced by the “Financial Times”be completed after the separation of the cable television business, which includes channels such as CNN.
The dispute over Warner Bros. studios. Discovery (WBD) and HBO Max had entered a phase this Friday, with Netflix moving into exclusive negotiations after presenting the highest purchase proposal. According to sources close to the process, cited by the news channel CNNthe platform surpassed Paramount’s offer, whose offer was around 27 dollars (around €23). According to Bloombergexclusive negotiations are at stake between Netflix and Warner.
Different views of the market
In addition to the value, the difference between the proposals was substantial. While Netflix — like Comcast — preferred to focus exclusively on studio and streaming assets, Paramount intended to acquire all of Warner, including cable channels (including information giants such as CNN). Netflix’s offer fueled tensions in the process, even leading Paramount to accuse Warner management, led by David Zaslav, of favoring the streaming service headed by Ted Sarandos.
“It has become increasingly clear (…) that WBD appears to have abandoned the appearance and reality of a fair transaction process, thereby abdicating its duties to shareholders, and initiated a shortsighted process with a predetermined outcome that favors a single bidder,” wrote CBS CEO David Ellison in a letter addressed to WBD CEO David Zaslav, released by Deadline.
On the other side, Paramount’s offensive was underway, led by new CEO David Ellison – son from billionaire and Oracle founder Larry Ellison. THE known proximity between Ellison and the White House – Oracle will lead TikTok supervision in the USA under an agreement with the Trump Administration – was seen as an asset on North American soil. However, it could generate resistance in other jurisdictions, such as the European Union or the United Kingdom, where companies also operate.
The renewed interest in Warner Bros came after years of a sharp drop in the company’s stock market value, which has been looking for strategic alternatives. Among them is a division plan in two listed entities, which David Zaslav guaranteed will remain standing and which will now be central to the partial acquisition by Netflix. Discovery Global, where the cable television business is located, will be in the bag.
The deal, which will put Netflix in a position of near-absolute dominance in global streaming, may face regulatory battles.
Note: article updated at 12:40 pm on Friday, December 5, 2025.