DOJ Examining Warner Bros. Discovery Bids, Netflix Hails WBD Board’s Commitment to Merger Agreement
January 8, 2026
The Justice Department has begun scrutinizing separate acquisition offers for Warner Bros. Discovery from Netflix and Paramount Skydance.
Netflix, which made a $82.7 billion offer for WBD’s streaming and studio assets that has been accepted by the media giant’s board, has submitted its Hart-Scott-Rodino (HSR) filing and is engaging with competition authorities, including the U.S. Department of Justice and European Commission, according to a regulatory filing.
Paramount, which has submitted the same regulatory filings for its $108.4 billion hostile offer for the entire WBD, including TV assets, reportedly was issued a request for additional information from the DOJ’s antitrust division.
As of Dec. 19, reportedly less than 400,000 shares of WBD had been tendered for the alternative Paramount Skyland bid. WBD has about 2.48 billion outstanding shares.
Meanwhile, Netflix welcomed the WBD board’s continued commitment to its merger agreement, and its recommendation that stockholders reject the revised offer from Paramount Skydance.
“The WBD board remains fully supportive of and continues to recommend Netflix’s merger agreement, recognizing it as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry,” Ted Sarandos and Greg Peters, co-CEOs of Netflix, said in a statement. “Netflix and Warner Bros. will bring together highly complementary strengths and a shared passion for storytelling. By joining forces, we will offer audiences even more of the series and films they love — at home and in theaters — expand opportunities for creators, and help foster a dynamic, competitive and thriving entertainment industry.”
Netflix has a dedicated website providing ongoing information and resources about the transaction is available at netflixwbtogether.com.
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