Key Takeaways
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- Netflix has announced its acquisition of Warner Bros., which includes HBO Max, HBO, and various film and TV studios. This merger aims to create a unified streaming service with popular franchises like Harry Potter and Stranger Things.
- The deal values Warner Bros. at $27.75 per share and is intended to allow Warner Bros. to continue operating as usual, including theatrical releases.
- Paramount had also submitted a hostile takeover bid for Warner Bros., but Netflix was chosen instead.
- The merger raises antitrust concerns and may lead to potential changes such as a possible price increase, although nothing will change immediately. The acquisition process is expected to take 12 to 18 months pending shareholder and regulatory approval.
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Merger Announcement: Netflix Acquires Warner Bros., Bolstering Streaming Dominance
In a message to subscribers, Netflix addressed its pending acquisition of Warner Bros., which includes film and TV studios, HBO Max, and HBO. The message outlines the streamer’s intentions for the deal: to create a single streaming service combining franchises like Harry Potter with Stranger Things. Netflix, with over 300 million subscribers, is the world’s largest streaming service, while Warner Bros.’ streaming services, including HBO Max and Discovery, rank fourth with 128 million users. Paramount is fifth, with 78 million subscribers. According to the message, Netflix plans to allow Warner Bros. to continue operating as usual, including theatrical releases. Netflix has offered Warner Bros. a mix of cash and shares valued at $27.75 per share. This move follows earlier reports of Netflix’s interest in acquiring Warner Bros., which is also facing a potential hostile takeover bid from Paramount Skydance, estimated at around $79.9 billion. Paramount, led by CEO David Ellison, submitted six proposals to Warner Bros. over a 12-week period, but Warner Bros. chose Netflix instead. Paramount’s offer reportedly includes $30 cash per share and could involve investors such as Jared Kushner, along with funds from the Saudi Arabian and Qatari governments.
Merger Horizon: Netflix-Warner Bros. Megamix Unites Titans
By December 22, Warner Bros. must inform its shareholders if it considers Paramount’s offer superior. If so, Netflix has the right to match or exceed it. Should Warner Bros. terminate the deal with Netflix, it would owe a $2.8 billion termination fee. The Netflix message acknowledges that both proposals raise antitrust concerns. It also states that the acquisition aims to merge leading entertainment services and unite franchises such as Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones, and the DC Universe with Stranger Things, Wednesday, Squid Game, Bridgerton, and KPop Demon Hunters. The message also prepares subscribers for potential changes, including a possible price increase, although it notes that nothing will change immediately. Both streaming services will continue to operate separately pending shareholder and regulatory approval. Netflix anticipates the acquisition process will take 12 to 18 months. Netflix refers subscribers to a help page with information about the Warner Bros. acquisition.
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Links to external sources for further reading
- Impact on streaminghttps://www.cbsnews.com/news/paramount-warner-bros-discovery-108-4-billion-hostile-bid-netflix/
- A look at the offershttps://apnews.com/article/paramount-netflix-warner-bros-discovery-2ce327bd3fc1af2b0a765161e6f38578
- Theater Owners And Lovers: Verify But Don't Trusthttps://www.forbes.com/sites/howardhomonoff/2025/12/08/netflix-and-paramounts-hostile-bid-for-warner-bros-whats-up-next/
- PARAMOUNT LAUNCHES HOSTILE WBD BIDhttps://www.npr.org/2025/12/08/nx-s1-5637272/paramount-warner-brothers-wbd-netflix
- Netflix's Battle For Warner Bros.: What To Look For Next With Paramount's Hostile Bidhttps://www.forbes.com/sites/howardhomonoff/2025/12/08/netflix-and-paramounts-hostile-bid-for-warner-bros-whats-up-next/