Netflix Leads Race to Acquire Warner Bros

Streaming powerhouse Netflix has reportedly taken the lead in a high-stakes bid to acquire Warner Bros Discovery, in what could become one of the most consequential deals in entertainment history. Multiple U.S. media outlets say Netflix has offered $28 per share after the parent company of HBO, CNN, and Warner Bros Studios officially went up for sale in October.

Warner Bros Discovery had initially planned to split into two entities—one for streaming and studios, and another for its traditional cable networks—but reversed course following a flood of unsolicited acquisition offers.

The company had been on the radar of Paramount, now owned by the billionaire Ellison family, before Netflix, Paramount Skydance, and Comcast (NBCUniversal’s parent company) advanced to a second round of bidding conducted over the U.S. Thanksgiving holiday.

According to reports, Paramount put forward a bid of roughly $27 per share, while Bloomberg says Netflix has now entered exclusive negotiations to acquire Warner Bros Discovery’s TV and film studios, along with the HBO Max streaming service.

Sources also revealed that Netflix—already the world’s largest streamer with over 280 million global subscribers—is arranging a multi-billion-dollar bridge loan to support the purchase. If successful, the acquisition would significantly expand Netflix’s content empire and give it control of premium assets including HBO, CNN, and Warner Bros’ legendary film library.

However, such a deal would almost certainly face tough scrutiny from U.S. antitrust regulators and oversight in other global markets, given the scale of consolidation it would create.

In Hollywood, some industry heavyweights have expressed unease. “A disaster,” is how “Titanic” director James Cameron described a potential Netflix takeover during a recent episode of the podcast The Town, arguing the streaming giant often prioritizes limiting theatrical releases.

Neither Netflix nor Warner Bros Discovery has responded to requests for comment as of press time.