Netflix Places Highest Bid for Warner Bros. Studio Deal
05th Dec. 2025
Netflix has become the top runner in the competitive auction for Warner Bros. Discovery’s (WBD) studio and streaming operations, reports say. The streaming company submitted its latest offer on December 04, valuing WBD’s Warner Bros. studio, HBO Max, and associated assets at approximately $28 per share. Total value of this deal is close to $82 billion.
Paramount also placed a bid on Thursday, reportedly closer to $27 per share. However, the two offers differ significantly. Paramount aims to acquire the entire WBD portfolio, including CNN and other cable channels, whereas Netflix and Comcast have focused exclusively on the studio and streaming components.
Sources indicate that Netflix’s bid now positions it at the top of the bidding war. Paramount, in response, expressed concern over the auction process. The company’s attorneys alleged that WBD’s strategy may favor a predetermined outcome that benefits only Netflix. Furthermore, some analysts think that this disagreement could be a sign of a possible aggressive takeover by Paramount. Later in the day, Bloomberg revealed that Netflix and WBD have begun an exclusive conversation.
Bidding War between Netflix and Paramount has Intensified
The auction process began earlier this month when Paramount submitted multiple offers to WBD CEO David Zaslav. Meanwhile, Zaslav officially announced the sale in October while reaffirming the company’s plan to split WBD into two publicly traded entities.
This planned division has helped stabilize WBD’s share price, which fell sharply following the company’s 2022 merger. It fell from roughly $25 per share to a low of $7.52. Afterwards, Paramount’s bids subsequently drove shares back toward $25. If the proposed happen, then Warner Bros. half would house HBO Max and the film studio, while the Discovery Global half would house CNN and other cable channels.
In contrast, for the bid, Paramount may have been trying to acquire the whole company even though its market value is roughly one-quarter of WBD’s. Still, CEO Ellison and his team are trying hard to bring Paramount back to life and prove the doubters wrong in Hollywood.
Influence of Politics and Regulatory Bodies
The WBD sale is complicated by potential regulatory scrutiny in the United States and abroad. Paramount can take a strategic advantage from President Donald Trump, as there is a good relationship between them. On this, the advisor of Ellison stated that “It’s a Trump Card”. Meanwhile, Netflix may also be willing to navigate a prolonged legal review if necessary.
Moreover, there is an additional challenge in the approval from the International regulatory bodies. WBD would face scrutiny from the UK, parts of Latin America, and the European Union. Additionally, some US officials have already voiced concerns.
In addition, Senator Mike Lee warned and wrote on X, “Netflix acquiring WBD’s streaming assets could raise significant competition issues worldwide. This potential transaction, if it were to materialize, would raise serious competition questions. Perhaps more so than any transaction I’ve seen in about a decade.
At the same time, Bank of America analysts have underscored the potential impact. They said, “If Netflix successfully acquires Warner Bros., it would solidify its dominance in the streaming sector. Potentially, it would end the so-called ‘streaming wars’ and establish the company as Hollywood’s global powerhouse.”
Web Resources on the Netflix’s top bidding for WBD Assets
1. WSJ.com: Warner Bros. Discovery and Netflix Enter Exclusive Deal Negotiations
2. USNews.com: Netflix in Exclusive Talks for Warner Bros Discovery Studio, Streaming Assets, Source Says
3. CNN.com: Netflix becomes frontrunner in bidding war for Warner Bros. Discovery, sources say