Netflix has emerged as the highest bidder in the ongoing auction to acquire Warner Bros. Discovery, submitting a major cash offer over the U.S. Thanksgiving weekend, according to Bloomberg. The streaming giant is competing against Comcast and Paramount Skydance, both of which advanced to the second round of the binding auction process.
The acquisition would give Netflix control of the Warner Bros. film and TV studios and the HBO Max streaming platform, two of Hollywood’s most valuable entertainment assets. Securing these properties would significantly expand Netflix’s premium content library, strengthen its worldwide production capabilities, and help address Warner Bros. Discovery’s substantial debt.
Warner Bros. Discovery Targeting $30 Per Share
Bloomberg reports that Warner Bros. Discovery is seeking a $30-per-share valuation. Chair emeritus John Malone has said the price is attainable, despite the stock closing at $23.87 on Monday, equating to a market value of roughly $59 billion.
Netflix is also arranging a large bridge loan, estimated in the tens of billions, to support its aggressive offer. Meanwhile, banks representing Netflix, Paramount Skydance, and Comcast spent the holiday weekend refining their bids. Paramount’s proposal is backed by the Ellison family, Apollo Global Management, and investors from the Middle East.
What a Winning Bid Means for Netflix or Comcast
Netflix and Comcast are focused specifically on acquiring:
- The Warner Bros. studios
- The HBO Max streaming service
If either company succeeds, Warner Bros. Discovery plans to spin off its cable TV assets into a new entity called Discovery Global, expected to launch by mid-2026.
Because the offers are binding, the company’s board can swiftly approve a deal—though it may still review any last-minute offers that appear more competitive.
Warner Bros. Discovery Put Up for Sale After Surprise Bids
The company officially began the sale process in October after receiving unexpected acquisition interest, prompting the abandonment of an earlier plan to split into two separate units.
CEO David Zaslav initiated the sale after Warner Bros. Discovery drew repeated interest from Paramount. Paramount itself was recently bought by the family of Oracle co-founder Larry Ellison, whose son David Ellison, now Paramount CEO, submitted three bids before the auction formally started.
Netflix’s Strong Financial Position Boosts Its Bid
Netflix’s latest financial report underscores its strength heading into a mega-deal. In Q3 2025, the company recorded:
- $18.7 billion in cash and short-term investments
- $1.4 billion in free cash flow
- Continued growth in global subscribers
With robust liquidity and operational efficiency, Netflix is well-positioned to pursue a large-scale acquisition without immediately taking on excessive debt.
A Deal That Could Reshape Hollywood
If Netflix secures the acquisition, it would mark one of the largest media transactions in modern history, giving the company control of:
- The legendary Warner Bros. film and TV studios
- The globally influential HBO brand
- A catalogue of premium franchises and intellectual property
Such a deal would significantly alter the competitive dynamics of Hollywood, intensify the streaming wars, and potentially establish Netflix as the dominant force in global content production.
