Netflix Reportedly Tops WBD Auction, Looks to Finalize Deal
December 4, 2025
Netflix reportedly has emerged as the top bidder in the high-stakes Warner Bros. Discovery auction, submitting the highest offer for the media giant’s studio and streaming businesses.
The world’s biggest subscription streaming platform with more than 301 million paid subscribers through the end of 2024, reportedly offered from $28-per-share, or $67 billion, which is slightly lower than what analysts believe WBD’s studio and streaming assets are worth, according to media reports, which cited sources familiar with the situation.
The winning bid enables Netflix to enter into exclusive talks with WBD’s board and CEO David Zaslav. Consummation of the deal would require some regulatory approval.
While no official announcement has been made, Netflix has been considered the leading bidder, according to CNBC, which earlier Dec. 4 said the streamer’s leading bid included 85% cash and 15% stock.
Netflix, Paramount Skydance and Comcast have been the main players in the escalating auction that began months ago when Paramount made three unsuccessful bids for the entire WBD, including its television assets. Paramount’s last all-cash bid reportedly hovered around $27 per share.
In addition, Paramount offered Zaslav a co-chairmanship in the new company, while Comcast said it would meld Warner Bros. Studios operations into its NBCUniversal unit.
But the reported close relationship between Netflix co-CEO Ted Sarandos and Zaslav fueled speculation of Netflix’s frontrunner status.
Netflix and WBD have established multiple distribution agreements over the years, primarily focused on licensing WBD’s film and TV content to Netflix for streaming. These deals have evolved amid the shift toward streaming and the evolution of WBD’s own HBO Max platform, but they continue to play a role in content distribution.
Should Netflix emerge victorious, it would be the streamer’s biggest and lone major M&A transaction after a history of advocating internal growth.
Co-CEOs Sarandos and Greg Peters, in the company’s most-recent fiscal webcast, downplayed interest in WBD, arguing they didn’t need to acquire Warner Bros. Studios and HBO Max, the latter the No. 4 SVOD service. Peters said major media mergers are fraught with failure.
“We come from a deep heritage of being builders rather than buyers,” Peters told an investor event in October. “One should have a reasonable amount of skepticism around big media mergers. They don’t have an amazing track record over time.”
The reported relationship between Zaslav and Sarandos drew the ire of Paramount, which, in a letter to the WBD board, alleged that the auction process had been tainted. Media reports contend Paramount, under the direction of CEO David Ellison, whose father, Oracle founder Larry Ellison is close friends with President Trump, believes a Netflix/WBD pact would be DOA (dead on arrival) for federal regulators.
Rep. Darrell Issa (CA-R) last month wrote a letter alleging a victorious Netflix bid would be harmful to the theatrical business. Netflix has said it would honor the legacy theatrical window for Warner/New Line Cinema new movie releases.
Netflix ended Dec. 4 with a $437 billion market valuation.
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