Netflix Emerges as Leading Bidder for Warner Bros Discovery's Film and Streaming Businesses
Netflix is reportedly close to securing a deal to acquire Warner Bros Discovery's film and streaming businesses with a bid of around $28 per share. This places Netflix as the top bidder, ahead of competitors Comcast and Paramount Skydance, according to reports from Reuters and The New York Times.
Previously, Paramount had submitted an initial bid of $24 per share in October for the entire company, including assets such as CNN and cable networks. However, Warner Bros rejected that offer before deciding to put the company up for sale. Paramount later renewed its bid near $27 per share, as reported by CNN.
Warner Bros Discovery is known for major franchises like Harry Potter and Game of Thrones and operates the HBO Max streaming service. Netflix's offer focuses on acquiring the better-performing parts of Warner Bros' business, whereas Paramount's plan would include additional, less profitable segments.
Paramount's legal team has criticized Warner Bros Discovery for conducting a sale process that reportedly favors Netflix, arguing that Netflix's bid would require breaking up the company. Regardless of the buyer, U.S. competition regulators are expected to closely examine the deal due to concerns about consolidation in the broadcast entertainment industry.
The final outcome could lead to the creation of a global mega power in broadcast entertainment, depending on which company ultimately wins the bidding process. Multiple outlets cited in the reporting include Reuters, The New York Times, and CNBC, with comment requests sent to Netflix, Warner Bros, and Paramount.
