Netflix Wins Bidding War for Warner Bros.Discovery
December 12, 2025 - Netflix has emerged as the leading contender to acquire Warner Bros. Discovery, initiating exclusive negotiations for a deal valued at $28 per share, according to a report from Deadline. The acquisition would encompass the company’s studios and streaming platform, HBO Max.
The rapid progression of this potential deal is expected to significantly alter the dynamics of the entertainment industry.Warner Bros. Discovery (WBD) first opened itself up to acquisition offers in October, following multiple bids from Paramount for the company as a whole.
Paramount reportedly positioned itself as the most viable option, arguing that it faced fewer regulatory obstacles compared to Netflix, which could encounter antitrust scrutiny with the addition of HBO Max to its existing portfolio. Paramount believed Netflix would face “major antitrust hurdles” according to sources familiar with the bidding process.
Netflix currently holds the rights to WWE raw in the United States, alongside international distribution of premium live events. This existing content portfolio adds another layer of complexity to the potential acquisition.
The prospective sale has sparked speculation regarding the future of all Elite Wrestling (AEW) on the HBO Max platform. Though,AEW President Tony Khan expressed confidence at the Full gear press conference that a sale to a company already invested in TKO (the parent company of WWE) would not negatively impact AEW’s position.
“We are not concerned about WBD being sold to a company that already has TKO content.”
Tony Khan, President of All Elite Wrestling
This is a developing story. World Today News will continue to provide updates as they become available.
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