Did Netflix buy Warner Bros? Everything to know about the ongoing bid and what Netflix is actually buying

Netflix has reportedly secured the leading bid to acquire Warner Bros. Discovery (WBD) and is entering exclusive negotiations to finalize the deal, marking a major development after a competitive and fast-moving auction. According to a Deadline report dated December 4, 2025, the streamer has offered roughly $28 per share for WBD, primarily in cash. 

This move follows a hectic day in which Paramount made an aggressive counteroffer to secure its own deal with WBD, but Netflix ultimately emerged in front. WBD initiated the sale process in October after receiving three consecutive bids from Paramount and aimed to secure an agreement by mid-to-late December. 

Under Netflix’s proposal, the company would take ownership of Warner Bros. Studios and HBO Max’s streaming assets, while Paramount’s bid sought to acquire the entirety of WBD. Bloomberg additionally reported that Netflix included a substantial $5 billion breakup fee should the transaction fail to close. 

Comcast also entered the competition with a bid for WBD’s studio and streaming divisions. Overall, the ongoing negotiations represent a pivotal shift that could significantly reshape the entertainment industry as the deal moves toward completion.

What will Netflix gain from the WB deal

If the deal is completed, Netflix would acquire a global theatrical distribution system along with an extensive content library containing titles from DC Studios, Turner Entertainment, HBO, New Line, and the MGM catalog prior to May 1986.

Global Networks — which include entertainment, sports, and news television brands such as CNN, TNT Sports, Discovery networks, major free-to-air channels across Europe, the Discovery+ streaming service, and Bleacher Report — are the divisions that would likely remain separate and not transfer to Netflix. 

Netflix's message for its subscribers

After confirming the deal, Netflix sent an email to its subscribers outlining the potential changes they can expect in the coming days, informing users that updates may roll out gradually and encouraging them to stay tuned for further details.

"We recently announced that Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. This unites our leading entertainment service with Warner Bros.’ iconic stories, bringing some of the world’s most beloved franchises like Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones and the DC Universe together with Stranger Things, Wednesday, Squid Game, Bridgerton and KPop Demon Hunters," read the mail.

Netflix assures that nothing is changing right now, and both streaming platforms (Netflix and HBO Max) will keep running independently for the time being. There are still several steps ahead, including regulatory reviews and shareholder approval, before the deal is finalized. 

“You’ll hear from us when we have more to share,” continues the statement. “In the meantime, we hope you’ll continue to enjoy watching as much as you want, whenever you want - all on your current membership plan.”

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